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RETURN TO NEWS INDEX Snell Isle condo set to restart, could break ground by the end of the year
By Mark Holan
Tampa Bay Business Journal
Published: Aug 23, 2012
A 95-unit condominium and townhouse project stalled by the recession could start rising along the Snell Isle Inlet by the end of the year.
"We stopped when the economy crashed,†said Carlos Yepes of Belleair Development Group in Pinellas Park.
"We are now seeing a lack of inventory,†he said. "We have to start planning ahead because construction is going to take about 18 months.â€
The project, called Waterclub on Snell Isle, will offer 84 units in two nine-story towers (including two stories of parking), plus 11 townhouses.
Units will range from 1,671 square feet to 1,921 square feet. Yepes said the price point hasn't been finalized.
The 5.25-acre site is in the 1300 block of Snell Isle Blvd. N.E. in St. Petersburg, across from St. Raphael Catholic Church. It used to be occupied by Snell Isle Plaza.
Waterclub also includes a 56-slip marina, which was renovated earlier.
The project is expected to cost about $30 million, Yepes said.
Belleair Development and partner Kolter Group of West Palm Beach are self-financing the project, Yepes said.
Yepes said he submitted drawings and other plans to St. Petersburg earlier this week. It will require a Development Review Commission hearing.
Mark Holan's beats include commercial real estate and residential real estate.
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