The following article was published in St. Pete Rising. Click here to read the full story.
An 18-story condominium tower near Mirror Lake in downtown St. Pete is moving closer towards becoming a reality.
Reflection, an 88-unit tower that is proposed for the northeast corner of 3rd Avenue North and 8th Street, has reached a new sales milestone: over 60% of the building has been pre-sold and converted to contract.
The milestone was announced at a celebration at The Floridian Social Club in late October that was attended by 200 people including the development team and many of the project’s partners.
The building is being developed by a team led by the principals of HP Capital Fred Hemmer, Angelo Cappelli, and Nick Hansen. The group is under contract to purchase a parking lot which is currently owned and used by BridgePoint Church. The site sits less than a block from Mirror Lake.
“We were excited to see all of our clients and vendors celebrate the upcoming groundbreaking of Reflection” said Fred Hemmer.
The development team has financing in place and expects to close on the lot and simultaneously begin construction in February. KAST Construction is serving as the general contractor for the project and will be ready to mobilize once the sale of the land closes.
In the meantime, permits for the building’s foundation have been submitted and expect to be received within 30 days. Construction is expected to take around 18 months with a scheduled completion in Fall 2023.
Pricing for the remaining units at Reflection have steadily increased as there continues to be high demand for condominiums in downtown St. Pete.
The remaining units range from a 1,168 square foot one-bedroom unit to a larger 2,300 square foot two-bedroom unit with a den.
As the project moves closer to groundbreaking, the development team is set to launch a mural competition for a massive corner area that fronts 8th Street and 3rd Avenue North. More details on the contest are forthcoming but the artistic piece will be prominently featured above the lobby and the building’s ground floor retail space.