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Article
Courtesy of The Tampa Bay Times
By Katherine
Snow Smith
Published July 13, 2015
TIERRA VERDE — A condo development on a barrier island
off Tierra Verde that was stalled during the recession is moving back to the
front burner with different owners. Four Tierra Verde businessmen are
planning Sunset Pointe at Collany Key, a cluster of 120 condos priced
between $900,000 and $1.3 million.
"When they bought (the property in 2012) they didn't have any definite
plans. You wouldn't have even thought about a condo project because we were
still fresh out of the recession," said Mark Stroud, who is managing Sunset
Pointe's development and sales. "They figured the worst-case scenario would
be they split it up and sell it as residential lots. Subsequent to that …
the condo market started coming back."
With more than 350 condos slated for
downtown St. Petersburg, Tierra Verde is a natural spillover
for construction and homeowners. Stroud said the location
will appeal to buyers interested in the city's thriving
waterfront on the bay as well as those who want to be near
the beach. He expects homes will be full-time and seasonal
residences.
The 19-acre island, Collany Key, is connected to Tierra
Verde with a land bridge and is next to Shell Key Preserve.
The investment group that owns the property is made up of
developer Pat Walsh, Bob Menke, former chairman of Bankers
Insurance Group, Gary Eng, a veteran in the software and
technology industry and Michael Cannova, who had a stake in
Bank of St. Petersburg and is now co-owner and president of
Marlow Yachts in Palmetto. They paid $8.6 million for the
property at a bank auction in 2012. |
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Though site plans for Sunset Pointe at Collany Key
call for four phases of building, there’s room for expansion. It
will be the first condo development in Tierra Verde in more than a
decade.
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"These are investors who live on Tierra Verde, so they
wanted to make sure they would get in and build something that is quality,"
Stroud said. "We've been whispering it to people and there are already a lot
of people interested in it."
Stroud, who is considered an expert in land sales and development, was hired
by Bill Edwards in early 2014 to oversee the Edwards Group's real estate
ventures. He said he recently left the company in an amicable split after
deciding there were more projects he wanted to be involved in beyond
Edwards' ventures.
The previous ownership group bought Collany Key for $2.8 million in 1992 and
was planning condos. They eventually secured a permit from the Southwest
Water Management District, put in utilities for plumbing and electricity,
but then couldn't get a construction loan as banks saw dark days ahead,
according to Stroud.
"They built a retaining wall around the island, had a security gate
installed. They presold the first building. They got it right down to the
wire, then the crash hit," he said.
The current owners paid cash for the property and are securing financing for
construction. A sales office is opening within days.
If sales are steady, construction could start in October. Stroud said there
is no minimum number of units that must be sold to start building, but
enough for the developers and bank to "feel comfortable."
The condos will be three bedroom and three and a half baths, ranging in size
from 2,721 square feet to 2,939 square feet. Plans call for four buildings
with 30 residences each. The first floor will be parking, with five floors
of condos above.
All units will offer water views, many from almost every window.
Paul Murray, president of the Tierra Verde Community Association, is pleased
with the project. The annual fees the 100-plus homeowners will pay to the
association will help defray the costs of landscaping and lighting on Tierra
Verde, he said.
"We're happy about it. It's very attractive," he said. "We are glad they are
going to pay for their fair share of the island."
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