Kolter Urban’s new luxury condo project, Art House, in St. Petersburg has hit a major milestone by securing a huge construction loan. Bank OZK has provided a $182 million loan for the 42-story building located at 235 First Avenue South.
This loan, averaging nearly $746,000 per unit for the 244-unit tower, shows the project’s grand scale and Kolter’s strong position in the condo development field. It also highlights the rarity of such large financial support in the current tight lending climate in the Tampa Bay area.
The Uncommonness of Nine-Figure Loans
In a time when getting loans for development projects is tough all over the country, the $182 million loan is a big deal, especially in Pinellas County.
This loan is one of the largest in the county in the past five years, showing how special the Art House project is and Kolter’s good history with luxury condos.
Art House, designed by SB Architects, will have two- and three-bedroom units with fancy features and amazing views, showing off Kolter Urban’s luxury touch in the Tampa Bay area.
Successful Sales Despite Market Challenges
Even though condo sales in the Tampa-St. The Petersburg-Clearwater area has dropped by 13 percent compared to last year, Art House has been selling well.
Smith & Associates Real Estate has handled sales, totaling over $250 million, with a penthouse already under contract for $6.1 million. This success in sales, despite market challenges, not only shows how attractive the project is but also how people still want to invest in luxury real estate in great locations.
Kolter Urban has a track record of successful luxury condo projects, like One Tampa, Hyde Park House, and the Ritz-Carlton residences in Sarasota. These projects show that Kolter knows what they’re doing in the luxury condo market.
Art House adds to its reputation as a leader in creating top-notch living spaces that attract a lot of buyers and investors, even when the real estate market is up and down.
