Kolter Group closes on St. Pete parcel for future mixed-use project

BUYER: KT First & First LLC (The Kolter Group), West Palm Beach
SELLER: Tropicana Block St. Pete LLC
PROPERTY: 25 Second St. N., St. Petersburg
PRICE: $17.25 million
LAW FIRM ON DEED: Gunster Yoakley & Stewart PA, West Palm Beach

PLANS, DESCRIPTION:
West Palm Beach's The Kolter Group has purchased a 41,000-square-foot office building across from the Hampton Inn & Suites St. Petersburg/Downtown for $17.25 million.

Kolter acquired the downtown block, bordered by Central and First Avenue North, from The Edwards Group with plans to demolish the former Floronton Hotel building to create a new two-tower mixed-use project.

As currently conceived, the development would include a residential condominium, hotel, retail space and parking.

Construction is scheduled to start on the project in early 2015 for completion in the fourth quarter of 2017.

Kolter is currently finishing its work on Water Club Snell Isle, a nine-story, 84-unit condominium project with 11 two-story townhomes in St. Petersburg.