Windward at Harborage condo in St Pete Florida

By
Real Estate Agent with Coastal Properties Group International

The Windward at Harborage in St. Petersburg, Florida, has called it quits and returned a dozen or so deposits made by prospective owners.  Vector Commercial Realty and its partner announced this project last fall: a 4 acre waterfront parcel (actually the parcel is partly on the water and partly across the road from the water) where they would build three condo buildings, retail and a restaurant. It relied heavily on its location by the Harbourage Marina.  Costs were pegged at $7,000,000 to $3,500,000. Developers blame the demise on timing - the condo market has slowed and costs have risen.  I blame it also on the product: if you're going to live 11 blocks south of downtown, there has to be a price adjustment for not being right downtown.  There wasn't. The company plans to land-bank the property.

According to the St. Petersburg Times today, Signature Place has sold 75% of its 246 units and Ovation has sold 12 of its 45 units. Both of these are in downtown St. Petersburg

Posted by

Sharon Simms
CIPS CRS CLHMS CRB RSPS
Coastal Properties Group
CHRISTIE'S International Real Estate
238 Beach Drive NE
St Petersburg, FL 33701
www.ssimms.com    www.coastalpgi.com   www.christiesrealestate.com
(727) 898-2582    Sharon@SimmsTeam.com

 

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