We're barely in to 2013 and it's already shaping up to be a great year for the burgeoning Gateway area in St Petersburg. According to the Tampa Bay Business Journal, multiple developers plan to build four different apartment complexes boasting a total 800 units in the Gateway area.
The first apartment complex has already signed its first lease with plans to fully open in April of this year. Located on Dr. Martin Luther King Jr. Street at 118th Avenue N. in St. Pete, Elan Gateway boasts 240 units made by Charleston, S.C.-based company, Greystar Real Estate Partners.
Apartment and real estate developer, Bayfair Properties, has site plans approved to build 150 apartments in St. Petersburg near the intersection of Gandy Boulevard at 10980 Oak St. NE.
Tampa development company, 908 Development Group also joins the list of companies building apartments in St. Petersburg in 2013. The Tampa organization will build 150 apartments called Aspire at Gateway located at the same, previous intersection with hopes to open the doors sometime in May.
Finally, Houston, TX.-based developer, Hines, plans to build 308 luxury apartments, collectively named Azure, next to the Reserve at Gateway located off Roosevelt Blvd. near Interstate 275.
And, it seems like these developers won't even have to worry about demand. According to the Tampa Bay Times, existing occupancy rates are pushing 95 percent at several other Gateway apartments in St. Petersburg located near these four new complexes.
We'll keep you posted as more news arises.