Coming Soon to downtown St. Pete
The Grand Bohemian St. Petersburg, Florida will be built just a block from my office, where I can easily take advantage of the restaurants and lounges that front on the street, check out the art galleries there, and listen to the nightly piano music. Recently revised to have more hotel rooms, this reduces the condos from 82 to 54. Since the condo units will start on the 21st floor, there will be some great water views, despite the building being a block and a half from the bay.
These condos are all about lifestyle - and living the life of Eloise, the six year old girl living in the Plaza Hotel in New York - i.e., having staff at your beck and call, to spoil you and cater to you. These condos are for people who have less time than money. Prices start above $500,000 and go into the millions, and the project is expected to be ready for occupancy in 2009.
These condos-over-hotels (as opposed to condo hotels, which are totally different) are increasingly popular and generally sell at a 25% premium. In other areas they are selling for $3,000/sq ft including the new W in Miami's South Beach. M40 in New York is said to be selling for up to $4,200/sq ft.
Richard Kessler's Grand Bohemian Hotel in Orlando recently went independent, after winning the Top Westin in the world award for the last four consecutive years.
This will be an exciting opportunity, and 54 owners should be very happy.
Peter - yes, in OTHER areas these are $3,000/sq ft. The Grand Bohemian here in St Pete will be in the $600-700/sq ft range, with the penthouses in the $900-$1,000/sq ft range. Such a bargain!
Tropicana Field is about 14 blocks west and 2 blocks south of this. We do have a major league baseball team there now, the Devil Rays - their winning record may not qualify them as very "professional" though.