Update as of 4/2020:
Saltaire made a Facebook announcement which was posted on April 7th celebrates the groundbreaking by saying, “We are excited to announce that construction at Saltaire has officially commenced!” They also state that the contractors and developers are exercising all of the recommend precautions surrounding COVID-19.
Site prep is underway which includes the drilling of pilot borings and the relocation of utilities. Once site preparations are complete, foundation work will begin. However, it will likely be months before the project begins going vertical. The project is expected to cost roughly $250 million and construction is expected to take 30 months to complete, meaning the building will likely not open until late 2022. Once complete, Saltaire will be the second tallest building in St. Petersburg, FL. We tell our buyers to not expect move-in until 2023 since all buyers cannot move in at the same time – it takes time for the developer to get through all of the closings and schedule move-ins.
As of the writing of this, Kolter is currently offering pre-construction incentives and we are not sure at what point those will disappear. Currently they include a 6% discount and a 2nd parking space ($25,000 value) and 1 year of condo fees paid.
SALTAIRE will be Kolter’s 2nd luxury condo tower to be built in Downtown St. Petersburg. Reservations have begun and are going fast! Here’s what I’ve learned so far about the SALTAIRE luxury condos.
Preliminary plans call for a 35-story condominium building containing 194 residences as well as retail on the ground floor. The project is to be located at 300 1st Street South, which is currently being used as a surface parking lot for the Hilton St. Petersburg Bayfront hotel.
The project is expected to be completed in the first quarter of 2022. There will be 7 units per floor with 5 of the floor plans having direct water views. There will also be a few 2 story loft style units on floors 2-3 which are expected to be approximately 2,000 square feet each. Prices currently range from the mid $800K’s to over $6.4M for one of the 4 available penthouses. Prices can and will change – typically developers raise prices as time goes on and the best opportunity for the lowest pre-construction pricing is now, at reservation.
A few features that are different at Saltaire from ONE include a covered circular driveway entrance, the amenities deck will face east, i.e. will offer water views. Most units will have laundry rooms with utility sinks and there will be a 7th floor dog park. Another change from ONE is that several floor plans offer bathtubs – a must-have if you are like me and enjoy a long bubblebath now and then. Overall the floor plans offer more square footage than the comparable units at ONE St Petersburg. Floor plans range from 2 bedrooms to 4 bedrooms + den (penthouse).
I wrote recently about how Resale Prices Skyrocket on Condos at ONE St. Petersburg. These were condos that the owners purchased pre-construction and then flipped brand new, upon completion. We are seeing returns between 30-40%. Perhaps there is something to be learned from what’s happened historically and buying pre-construction is always when pricing is at it’s lowest.
As far as reservations – $10,000 is due to reserve a unit. This amount is 100% refundable if you should change your mind before the reservations turn to contracts. The balance of 10% will be due at contract signing, and then an additional 10% about 60 days from that point followed by the final 10% for a total of 30% down. Kolter may also offer some time of incentive to early reserving clients as they have done in the past but currently we do not know if or what that might be.
If you’d like to schedule your reservation appointment at SALTAIRE, please fill out the form below and we will be happy to coordinate it for you.
We are not the listing agent for SALTAIRE. We represent you as your exclusive buyer’s agent and have sold Kolter projects in the past. This service is free to you as a buyer and in no way affects the price of the unit you choose.