Developer shares details on planned luxury condo tower
Clearwater real estate firm Valor Capital is planning to build a luxury condominium tower in St. Petersburg to “serve the younger professional population,” according to the development group.
The unnamed project would be developed on a half-acre parcel near 4th Street and 4th Avenue South, two blocks from the Dali Museum in the Innovation District. The developer acquired the property last year in a combined $5.2 million deal.
Valor Capital is the same group behind Serena by the Sea, a $70 million, 80-unit waterfront condo development between downtown Clearwater and Dunedin. It also developed SkyView, a 36-unit condo building in Clearwater.
The group unveiled the conceptual plan for the St. Pete project in May, stating the units and amenities in the tower would “represent the epitome of luxury living at two-thirds the cost of comparable development.”
Valor Capital Chairman and CEO Moises Agami said the tower could be 27 stories high, and the prices for the condo units would start in the $500,000s.
“We say it’s affordable in comparison to the other similar projects. You can’t find anything in St. Pete’s luxury condo market below $1 million,” Agami said.
He highlighted projects, such as Red Apple Group’s Residences at 400 Central (under construction in downtown St. Petersburg), that he said validate the escalating condo values and demand.
“We believe the south part of the city needs an anchor,” Agami said, sharing how he believes the price point of the planned condos will attract a younger residential population in the city versus local and out-of-state retirees.
The team said it is leveraging the relationships it has cultivated with supply companies and European designers that provide finishes at a fraction of the cost to deliver the development.
The project, which is in the early planning phase, will include penthouses and amenities such as a fitness center, a pool, a dog spa and a rooftop bar.
The ground floor would have a total of 10,500 square feet of space for high-end restaurants and retail tenants.
Agami said he wanted to include an office component; however, he is limited by the permitted uses at the site.
Unlike the Serena by the Sea and SkyView projects, Agami said the team is focused on making the new St. Pete tower less of a residence and more of a destination for residents.
“When my wife and I stayed at the Establishment Hotel in Australia, the lobby and bar were crowded with [young] people. We had to squeeze through to get inside. That’s the type of ‘happening’ we want for this St. Pete project,” Agami said.
Valor Capital has been communicating with city staff and plans to submit a site plan and zoning use application to the Development Review Commission.
The team is finalizing the details of the planned tower and expects to start construction next year. Valor Capital is working with civil engineering group George F. Young, which has local offices.
Valor Capital has more than 35 years of international building experience and has developed more than $1 billion in properties around the world, according to its website.
