Tampa-based DDA Development has announced a new 13-story condominium building for downtown St. Petersburg that should come out of the ground in mid-February if certain benchmarks are reached. It’s called The Salvador, and will be located at 2nd Street and 5th Avenue South. Its address will be on Dali Boulevard.
In order to secure financing and move ahead with the land closing, DDE must pre-sell 35 percent of the 74 units, or roughly 26 condos. Smith & Associates has taken on the role of exclusive listing agent and will begin sales on Oct. 17.
DDE completed the 96-unit Campbell Landings at 365 6th Street S. this year and is bullish on The Salvador presale. “We think we’re in a part of the market that’s underserved,” said partner Bowen Arnold. “We’re offering a nicely designed, high-style building that we think hits the right price point.”
The Salvador units start at $325 per square foot and average about $365, Arnold said, which is less expensive than nearby luxury condos. The building will include one- and two-bedroom residences ranging from 964 to 1810 square feet, as well as two penthouses of more than 2,500 square feet.
The Salvador enters a busy construction area on the south side of downtown. A number of buildings are coming out of the ground, including The Hermitage at 700 1st Avenue S. and a 17-story tower at 330 3rd St. S., both of which have been announced as apartments. “I think all the product being developed in that part of town is complementary,” Arnold said.
The Salvador will include an 11,000-square-foot amenity deck on the third floor, with spa, heated saltwater pool and fire pit. The two-story lobby will feature a concierge with a sitting and meeting room.
Arnold estimated the project’s cost in “the low $30 millions,” and targets an opening in fall 2016.