Vela development plans more affordable condos in downtown St. Petersburg
By Susan Taylor Martin
Tampa Bay Times
Published: Jan 15, 2016

ST. PETERSBURG - The frontiers of condominium development in downtown St. Petersburg continue to push farther south and westward.

With Beach Drive condos in short supply and extremely pricey, the proposed eight-story, 20-unit Vela near Fourth Avenue S and Seventh Street will bill itself as a more affordable, if less central, alternative.

"There's not a lot of land left downtown,'' said Realtor Anthony Pallazola, "but if you're downtown, you're going to pay from $500 to $700 square feet for new construction. We're at $307 square feet on average.''

At Vela, prices will start in the low $300,000 range for two-bedroom, two-bath units with an average of 1,200 square feet, and in the mid $500,000 range for the three penthouse units with 1,900 square feet.

Pallazola and Re/Max Metro colleague Eileen Bedinghaus are exclusive listing agents for Vela, which will be formally unveiled Wednesday. If reservations go well, construction could start in late summer and be completed within 16 to 18 months.

Vela's location on Delmar Terrace, across from the wall of an Interstate 175 exit ramp, is the main reason for the relatively low prices. But Pallazola says the views are "actually quite lovely.''

"The exit is well below (ground level), so you wouldn't see that,'' he said. "To the south, nothing is there so it's kind of wide open, and from the upper four units you can see the Sunshine Skyway. The units facing east have water views.''

But, Pallazola hastily added, "we're not guaranteeing that'' as St. Petersburg's skyline continues to grow.

Vela will be built in a U-shape design so that most of the units will be corner locations. All units will have ceiling heights of at least 9 feet as well as large balconies.

"This has absolutely fantastic outdoor space,'' Bedinghaus said of the project. "As a native Floridian, I'm excited and think this is one of the best designs I've seen.''

The developer is Komo Development Inc., supported by Koly International, which built the nearby 39-unit Orion condominium in 2007. Pallazola said Koly's president, M.R. Elkhouly, initially planned Vela as a 14-story building with about 40 units.

"We didn't feel that would fit that location at this time so he went with Plan B and this boutique-style building,'' Pallazola said.

Although the Bayfront Tower was built in 1975, St. Petersburg's downtown condo boom really began in 1999 with the Cloisters on Beach Drive. As prime sites along the waterfront were snapped up, developers moved south of Central Avenue with Signature Place, Sage, several smaller condo projects and the 13-story, 74-unit Salvador, now rising at Second Street S and Dalí Boulevard.

Contact Susan Taylor Martin at smartin@tampabay.com or (727) 893-8642. Follow @susanskate.