The Kolter Group has announced that the construction of ONE St. Petersburg, a 41-storey condo tower, will begin before schedule due to strong demand and sale.

The 253-unit tower and hotel’s groundbreaking will now take place in the first quarter of 2016, with delivery of residences scheduled for the fourth quarter of 2018.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The company said that the decision to speed up the timetable was prompted by more than $85m in confirmed contracts.

According to Kolter, the size and scope of this development will bring several immediate and long-term economic benefits to the city and the area, which includes 150 full-time employment positions, and annual property tax increase of more than $5.5m.

"Not only will ONE St. Petersburg enhance our thriving downtown, but the jobs and taxes it is set to create will only increase the financial health of our city."

During the construction phase, the company anticipates more than $90m in construction employment and labor wages primarily for Tampa Bay area businesses.

See Also:

It also expects the materials to generate $3.6m in sales tax, and around $2.5m in building and hotel impact fees.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

St. Petersburg mayor Rick Kriseman said: "ONE St. Petersburg will be a defining project for the next era of downtown St. Petersburg.

"The city has worked closely with Kolter in the design and review process to ensure timeliness of applications and permits.

"We have set the bar very high in regard to this iconic project and I’m very comfortable that Kolter has met these high standards.

"Not only will ONE St. Petersburg enhance our thriving downtown, but the jobs and taxes it is set to create will only increase the financial health of our city."

ONE St. Petersburg will include retail space and the construction of Bliss, a 17-storey tower, and the Salvador, a 74-unit mid-rise near the Salvador Dalí Museum, have already begun.