Kolter Group purchases lot to construct 42-story condominium at 200 Central
By Breanne Williams
Tampa Bay Business Journal
Published: Dec 29, 2021

The Kolter Group has purchased the 0.4acre parking lot at 200 Central Avenue for $20.45 million from Third Lake Capital where it intends to construct a 42-story condominium tower.

The group purchased the lot on December 22, according to a deed filed with Pinellas County. It recently announced the condominium tower in the heart of downtown will be called the Art House St. Petersburg.

The sale price breaks down to an eye-popping number of approximately $50 million an acre.

“I think a transaction like this not only validates all the growth that has occurred in the last several years but continues to validate the robustness of this market and the fact that St. Petersburg is continuing to grow by leaps and bounds,” Ken Jones, founder/CEO of Third Lake Partners told the Tampa Bay Business Journal. “I am confident that this will be a very successful development for Kolter and will continue to showcase St. Petersburg as a great destination to live work and play.”

Plans filed with the City of St. Petersburg show the tower will be similar to other Kolter projects — ONE St. Petersburg and Saltaire St. Petersburg— with a modern contemporary design and enhanced amenities.

There will be 6,100 square feet of commercial space, 248 units ranging from two to three bedrooms and 482 parking spaces in a garage, according to filed plans. The parking garage will run from levels two through eight. This will be Kolter’s fourth condo project in St. Petersburg.

The Kolter Group took out a mortgage from Regions Bank for just over $13.29 million on December 22, according to the fillings with Pinellas County.

San Francisco-based SB Architects will be designing the Art House. The company also designed ONE St. Petersburg and the Saltaire.

Brian Van Slyke, regional president of The Kolter Group, told the Tampa Bay Business Journal the project would cost approximately $140 million in today’s market. Pricing will launch at the start of 2022. Tampa-based United Landmark Associates will oversee marketing and Smith & Associates Real Estate are the acting brokerage firm for condo sales.

The Art House St. Petersburg will be “a sleek, 42-story condominium tower, located in the heart of the city on Central Avenue, with sweeping bay and city views,” according to Smith & Associates.

Residents will have an entrance on First Avenue South and amenities will be found throughout the ninth floor of the tower. The project will feature items like a dog park, pool, spa, game room, theater room, wellness center, formal social and dining spaces and two guest suites.

Construction is expected to begin in 2022 and will take two and a half to three years to complete, according to prior estimates by Van Slyke.