Developers Top Out
St. Petersburg High-Rise
September 15th, 2023
Author: Jim Stinson
The following article was published by The Business Observer. To access the full article, click here.
St. Petersburg’s latest high-condominium tower commemorated its topping out on Friday, bringing together workers, managers and the owners who have been building it since 2019.
The project’s main task is now considered finished as far as raising it is concerned. The tower will stand 18 stories and contain 88 units, with the top floor dedicated to a pool and other amenities. Residents will begin moving in during spring.
Reflection, located at 777 Third Ave. N., St. Petersburg, is a project costing about $100 million, says Nick Hansen, one of the four project’s partners.
As the 88-residence project came together in 2019, COVID-19 began approaching. Hansen and his partners say they did not let the pandemic slow them down, and that the measures they took had no appreciable effect on timing.
Hansen was joined in the development with business partners Fred Hemmer, Chris Hemmer, and Angelo Cappelli, as well as The DeNunzio Group.
For Hansen, it was his first big project, he told the Business Observer at the topping out celebration.
The market for Florida homes and condos is just going to keep growing, for now, says Hansen.
A common misconception is that a decrease in interest rates will help Florida catch up on home supply, Hansen says. But the state is currently scrambling to provide the market with enough homes and even market incentives will not solve the problem right away, Hansen says, mostly because net migration is bringing in thousands of new Floridians every week.
Hansen and his partners speak from experience. Using KW Developer Services Group, the condo tower was able to sell about 60 of its 88 condo units before completion.
The condo tower features eight open floor plans, with up to 2,285 square feet. Developers also touted their safety features, noting the building can withstand a Category 4 hurricane.
(This story was updated with more information on the managing members.)