New Apartment Complex the Size of a City Block

New Apartment Complex the Size of a City Block

June 13, 2014 | Real Estate News, Rental Trends and Real Estate News

By Reilly Willson

Downtown St. Petersburg, right across the bridge from Tampa, Florida, is getting a brand-spanking-new apartment complex behemoth. The size of a city block, this new development from Allen Morris Residential will be eight stories high and include 348 rental units divided into studio, one- and two-bedroom apartments.

[Young People Moving to Smaller Cities]

The Coral Gables-based developed firm spent $5.25 million in cash on the 2-acre lot at 700 1st Avenue South, banking on the interest of empty nesters and young millennials to move into the $65 million construction project.

[The Cutest Apartment Amenity Ever]

Though a building full of 20-somethings living in harmony with their 50-something neighbors may seem far fetched, it is all a part of St. Petersburg’s transition from retirement community to a hip, young zip code.

The Hermitage

The new apartment complex is being named after the famous art gallery in St. Petersburg, Russia: the Hermitage. In honor of its namesake, the building will host an art gallery in its lobby along with a coffee shop and the potential for retail spaces in the future.

Apartment amenities at the Hermitage range from a bicycle storage room and rooftop pool to a fitness center and outdoor grill. Construction on the new apartment complex is slated to start in July 2014 with the first residents scheduled for a late 2015 move-in.

The Revitalization of Downtown St. Petersburg

St. Petersburg is swiftly becoming an attractive option for millennials looking for a place to start their careers. The youthful vibe of the waterfront community is attracting a steadily growing population of 20-somethings as they begin to search for their first place away from home.

Allen Morris is hoping to capitalize on this new crowd of young folks with the Hermitage. Standing on what was previously an overflow parking lot, the new apartment complex will surely lead the development of the city’s Beach Drive area.

Apartment Complex Shortage

After the housing bust, new residential property construction screeched to a halt around the country. The lack of new places going up resulted in a shortage of residential units to meet the demand.

[Increasing Apartment Construction]

The 348 new units being built this summer seek to soften the blow of the current housing shortage, but even after they are built, there will still be a need for more housing in the Tampa Bay area.

This is especially true as empty nesters begin to sell their suburban homes and move into city apartments. In the thriving downtown area of St. Petersburg, they can make the most of their retirement by enjoying the many amenities of city life.

[Image Source: Allen Morris]

http://www.rent.com/blog/increasing-apartment-construction/

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