Originally published on St. Pete Rising, here.

 

Coming off of a record year in 2016, Downtown St. Pete’s real estate market is continuing to show signs of strength with the addition of new residential development. With land in downtown’s core at a premium, many developers are turning to urban infill townhome developments to meet the increasing demand.

Over the last few years, these townhome developments, usually consisting of 10 units or less, have begun popping up around downtown with much success. Last year, sold out townhome projects such as Del Mar City Homes, Quattro, and the Renaissance City Homes were completed, indicating strength in the high-end townhome market.

Jeff Craft, Mike Lenhart, and Tampa Bay City Living have recognized this trend toward upscale, well-appointed townhomes and are developing a 10-unit townhome project at 121 5th Avenue North. No stranger to Downtown St. Pete, in addition to this project, the group is also developing a retail building on 1st Avenue South that will feature a restaurant and an Orangetheory Fitness. The team also recently built the Del Mar City Homes at 433 3rd St S and Crescent Lake City Homes at 1901 5th St N.

The townhome project will be located at the former site of LaVeranda Bed and Breakfast and will feature units ranging from 2,600 to 2,700 square feet spread over three stories with a forth floor rooftop terrace.  The price point for these homes will begin in high 700’s.

Site clearing has been completed and foundation construction is currently underway with an expected delivery date in the third quarter of this year.

And being only two blocks from popular Beach Drive, these townhomes will join Regent Lane, Towns on Fifth, Liv233, and The Brownstones as the neighborhood’s newest development.