Mixed-use development Viv in St. Pete's Edge district lands $104 million loan
By Breanne Williams
Tampa Bay Business Journal
Published: Jul 8, 2024

Connecticut-based Belpointe OZ has secured a $104 million construction loan for Viv, a mixed-use development in St. Peterburg’s Edge district.

The 15-story project is at the southwest corner of First Avenue North and Dr. Martin Luther King Jr. Street at 1000 First Ave. N. The tower topped out in May, a year after its 2023 groundbreaking. It is expected to be completed in fall 2025.

Belpointe secured the construction mortgage from Kennedy Wilson Capital on June 20, Pinellas County property records show.

It is the second time in less than three months a St. Petersburg development has landed a nine-figure construction loan. Art House, a luxury condo tower, secured a $182 million loan in April. Such loans are particularly noteworthy in the current economic environment, where many multifamily developers are struggling to obtain financing and make deals pencil out.

Viv has 269 apartments in two towers, ranging from studios to three-bedroom units. Amenities at the site will include a swimming pool, fitness center and a club room.

The ground floor will feature 15,500 square feet of commercial space fronting First Avenue North and Baum Avenue. The project will include a 355-space garage and is expected to have several areas for public art both externally and within the lobby.

MSA Architects is the design firm on the project. JE Dunn is the general contractor.

Belpointe acquired the 1.6-acre site in 2020 for $12 million, according to property records. It received approval from city council in December 2022.

The project is being built across the street from the Camden Central Apartments and is one block from 900 block on Central Avenue, which is home to Buya Ramen, No Vacancy and Grassroots Kava House.