Ellington Place to bring 220 apartments to St. Petersburg
By Breanne Williams
Tampa Bay Business Journal
Published: Jun 16, 2023

Construction will soon begin on Ellington Place, two apartment buildings in downtown St. Petersburg inspired by jazz icon Duke Ellington.

This is the second ground-up project from Bradenton-based REM Capital. The two six-story apartment buildings are coming to 770 Fourth Ave. N and 200 17th St. N. The Fourth Avenue building is near Mirror Lake and is called Ellington Place Downtown. The 17th Street building is blocks from Tropicana Field and is called Ellington Place Edge District.

The groundbreaking for the projects was held on June 6, which kicked off the demolition of the existing building on the site. Construction is expected to begin in July for both developments. Robert Ritzenthaler, president of REM Capital, told the Tampa Bay Business Journal he believes they will be complete in approximately 12 months.

“St. Pete, for me, is one of the markets that I’ve always wanted to work in, but we’re a smaller, younger company, so I always thought we would have to wait until we were bigger to do something here,” Ritzenthaler said. “When the opportunity came up, I jumped on it.”

In total, the development will bring 220 studio and one-bedroom apartments to St. Pete. Ritzenthaler said approximately 20% of the total units would be one-bedrooms, with the rest being studios. They will average 500 to 600 square feet, and rents will range from $1,800 to just under $3,000, with the majority going for right around $2,000.

Ellington Place Downtown will have 146 apartments and Ellington Place Edge District — which sits on a smaller parcel — will have 74 units. Both projects will feature amenities like fitness centers, rooftop pools, EV charging stations and bike parking. Apartment finishes include nine-foot ceilings, granite/quartz countertops and property-wide WIFI.

The developer plans to have structured one-story parking with a limited amount of parking spaces. Between the projects, he estimates they’ll have 60 to 80 spaces but will be offering a “ton of bike storage.” Ritzenthaler said many of the residents moving to St. Pete come from car-free communities like Chicago and New York City, while locals are “becoming more accustomed” to a pedestrian-friendly lifestyle.

Developer Tony Zhukovskyi initially proposed both projects. The downtown building was proposed in 2019 and the Edge district building was proposed in 2020. REM Capital acquired the properties and the plans and is now moving forward.

Ritzenthaler said he’s had countless people tell him over the years they would love to move to St. Petersburg, but with the lack of inventory, the existing properties are out of their budget. He said the urge to be a part of the solution to the housing crisis has always lingered in the back of his mind, making the deal an “immediate yes” when the opportunity arose.

Ritzenthaler said he believes two demographics will be most likely to be drawn to the smaller units: young professionals and those in their mid-40s to upper 50s who are looking for a fresh start in life. The units are priced lower due to their size but still offer finishes that are “reminiscent of a single-family home.” REM Capital tends to do things that are “a little less trendy and a little more timeless” in their design, he said.

The general contractor for the project is Finish Line Builders Inc.

As part of the homage to the name, the projects will be “strongly connected to the local art scene,” and Ritzenthaler said the developer intends to work with local artists — preferably some who are lesser known and looking for a big break — to showcase their work at the site. He said they want the projects to reflect the “general vibe of St. Pete’s diverse community” and its energetic and creative character.

REM Capital has approximately $500 million worth of assets under its management, and its portfolio includes 24 properties in six different states.