Kolter Group planning mixed-use along Central Avenue in St. Pete

The Kolter Group LLC has announced development plans for the downtown St. Petersburg block bordered by Central and First Avenue North and First and Second streets.

Its plans call for a mixed-use project, including a residential condominium, hotel, retail and parking. Kolter says it will purchase the block from an Edwards Group affiliate next month to develop the two-tower complex.

The project is expected to break ground in the first quarter and be completed in the fourth quarter of 2017.

“We love St. Petersburg,” Bobby Julien, CEO of The Kolter Group, says in a press release. “The city's downtown is emerging as one of the nation's special urban centers, and we are excited to be a part of its future.”

Since 1993, Kolter, through its affiliates, has sponsored more than $10 billion worth of real estate transactions across multiple asset classes and geographies.