The Peninsula

• Gulf Atlantic Realty has unveiled its plans for The Peninsula, a 34-story, mixed-use project consisting of 232 residential units, 15,000 square feet of retail, a 560-space parking structure, and 40,000 square feet of office space in a separate six-story building. The project is estimated to cost $125 million. There will be approximately four units per floor, priced from $300,000 to $3 million. Designed by Perkins + Will, the structure will be distinctively modern and sleek, built from concrete and glass. There are also plans for a cascading five-story waterfall over the parking garage.

• A St. Petersburg downtown tax increment financing district was extended last week until 2032. This means that more than $95 million will be made available for downtown projects, that includes creating a new waterfront park, renovating the Pier and the Mahaffey Theater, and building a new parking garage.

• Global Expansion Magazine reported that Florida ranked highly among several industries for the number of new branches and start-ups including: No. 2 in the nation for the number of health services start-ups; No. 3 in the nation for both the number of new branches and number of start-ups of high tech establishments; No. 4 and No.3 in the nation for the number of medical device manufacturing, new branches and start-ups respectively; and No. 2 in the nation for the number of new branches of telecom establishments. 

• The St. Petersburg area is No. 1 the High Tech Corridor in the number medical equipment and supplies manufacturing establishments and employment, No. 1 in the number employed in pharmaceutical and medicine manufacturing, and No. 2 in the number of biotechnology research and development laboratories.

• More than $4 million in improvements have been announced for Albert Whitted Airport, including a new 10,600-square-foot terminal, pilot’s lounge, restaurant, and office space. Visit http://www.stpete.org/air.htm

• USF-St. Petersburg broke ground on the $18.3 million Residence Hall One. The seven-story, 126,000-square-foot development will house 354 students in 79 four-bedroom apartments, seven double bedroom units and a single bedroom unit. Residence Hall One will be ready for students in Fall 2006 and is the first phase of the campus master plan to expand enrollment by 5,000 students. Visit http://www.stpt.usf.edu/ for more information.

• The area’s newest bank, Synovus Bank, will be headquartered in St. Petersburg. The new bank is a product of the merging of three bay area banks with assets totaling more than $1 billion.

• Adding to the list of recent apartment to condominium conversions, Coquina Key Arms has announced they are making the switch. Coquina Key Arms’ 1,006 units range in size from studios to two-bedroom, two-and-a-half bath townhomes, with prices beginning in the $100,000s.

• The downtown St. Petersburg Hilton has begun a $4 million renovation project to upgrade all 333 rooms, improve the top-floor meeting area, and add one of Florida’s largest Starbucks.

• The city of St. Petersburg announced plans to spend $4 million on the renovation and expansion of the Roberts Recreation Center at 1246 50^th Ave. N. The project will double the size of the current facility to 27,000 square feet.

• Centro Holdings LLC has submitted plans to the city for a 12-story, mixed-use development with 81 residential units, 9,150 sqaure feet of street-level retail, and a parking garage. The development will be located at 1645 Central Ave. in the Grand Central District. Residential units will range in size from 840 to 1,020 square feet.

• A mediterranean-inspired project consisting of eight residential units, a pool and a ground-level parking garage has been proposed at 500 Beach Drive N.E.

• The Lofts at Williams Park has been proposed in the southeast corner of Third Street North and Second Avenue, on a portion of the “Mass Brothers” block. The $17-million, 15-story mixed-use development will have 45 residential units, a four-level parking structure, and 5,680 square feet of street-level retail. The residential units will be made up of 35 townhomes of approximately 1,000 square feet, five condominiums with 3,200 square feet, and five condominiums with 5,400 square feet. Prices will range from $250,000 to $399,000.

• Highland Courtyard Townhomes have been proposed on the site bounded by Ninth Avenue North, Seventh Avenue North, Highland Avenue, and Eighth Street; and just to the north of Ninth Avenue. The development will include 29 townhomes in seven, two- and three-story buildings. The development will have a modern look and each unit will have its own garage. The project has received EDC approval.

• Harborage Marina Village, a $40 million project is proposed by Vector Properties located at Fourth Street South and 11th Avenue. The development will include four structures, with 62 units ranging in price from $600,000 to $2.5 million, beginning in size at 2,000 square feet. There will also be two, 6,600-square-foot penthouses.

• “475” is a proposed, seven-story development located at 475 Second St. N. The mixed-use project contains 22 condominum units, retail, and a parking garage.

• Grand openings this month include: NOAA’s National Marine Fisheries Service Southeast Regional Office at 263 Third Avenue South; Suntrust Bank at 130 Fountain Pkwy. N. in the Carillon Town Center; Cork and Olive at 944 Fourth St. N.; Fat Cat Ribs in the Grand Central District at 2401 Central Ave.; Carter’s Florist, Gifts and Home Accents at 201 First St. N.E.; Radix Gear Caterers at 125 Arlington Ave., Ste. 204; Junito’s Café and Catering at 2325 28^th St. N.; Advanced Dermatology and Cosmetic Surgery at 6450 38^th Ave. N., Ste. 420; Innovision at 1700 66^th St. N., Ste. B; Scrubs and Stuff, Inc. at 3993 Tyrone Blvd. N., Ste. 202; Washington Mutual Bank at 4250 Sixth St. S. in the Coquina Key Shopping Center; and T.W. Curtis Foundation at 111 Second Ave. N.E., Ste. 103.

Mayor Rick Baker (forth from the left) and Euro-Bake owner, Harty Gerhard (third from the right) are assisted by Euro-Bake employees during the groundbreaking

Euro-Bake, a wholesale German bakery, has broken ground on a new, $8-million facility. Located at 1962 Third Ave. S., the 54,000-square-foot building will be more than twice as large as their current facility. The new structure will feature state-of-the-art baking equipment and refrigerated storage facilities. The expansion will also allow the company to double it workforce in the next three years to 150 employees. The city of St. Petersburg assisted the company in its expansion plans with land assembly, environmental issues and permitting. Owner Harty Gerhard stated he chose to expand his company in St. Petersburg because, “the easy access to I-275 here, the workforce and the cooperation I have received from the city are just incredible.” Mayor Rick Baker was proud to assist in the groundbreaking of a facility that represents additional private investment in the Midtown area. “Today we are continuing the progress to revitalize this integral part of St. Petersburg and proving that businesses that locate in Midtown will be successful.” Euro-Bake currently produces 18,000 to 20,000 cases a week of 164 different baked goods, in three shifts, to meet the demands of buyers like Walt Disney World, Cisco, and fine hotels such as the Vinoy. Euro-Bake’s goods are also exported to accounts as far away as Hawaii and Costa Rica. Began in 1993 with only three employees, Mr. Gerhard founded Euro-Bake in a quest to reproduce the fine baked goods he enjoyed growing up in his native Germany. Euro-Bake follows stringent German baking rules and even imports raw materials from Europe to maintain quality control. Visit the Euro-Bake web site: http://www.eurobake.com/

Beginning with an upbeat animated introduction highlighting what’s great about St. Petersburg’s business environment, the new economic development CDROM provides a wealth of information in a compact format. Major sections of the CD include business overview, market data, real estate and development updates, business resources, quality of life, and photo gallery. This mirrors the department’s web site layout and provides numerous links back to the live web site. The department is currently engaged in distributing the new marketing tool to developers, investors, site selectors and executives throughout the nation. Local real estate agents will also find the CD useful in attracting new clients and informing relocation clients about their new city. Real estate professionals and anyone else interested in obtaining copies of the CD are encouraged to contact Lindsey Ballas, economic development coordinator, at 727-893-7784 or email Lindsey.Ballas@stpete.org

Drivers (L-R), Dario Franchitti, Bryan Herta, Dan Wheldon, and Tony Kanaan celebrate their victories

Two weeks ago, the waterfront streets of downtown St. Petersburg came alive with Indy car racing. The 2005 Honda Grand Prix of St. Petersburg gave the city national and international media coverage, including complete live race coverage on ESPN. Race promoters, organizers and the city worked tirelessly together to ensure fans had the best experience possible. Their efforts paid off with an estimated 60,000 fans enjoying the race. The city’s Economic Development Department along with their partner, the Tampa Bay Partnership, used the race as an opportunity to host several national site selection consultants so they will recommend the city in the future to their clients who are looking to expand and relocate their businesses. Consultant Marty Pinover, senior managing director of Newmark Realty, was astounded by the change in St. Petersburg, “I used to think that I wasn’t old enough to visit St. Petersburg, now everything is so vibrant and exciting.” The Economic Development Department will continue to grow these new consultant relationships to promote job growth and investment in the city.   

Visit the Grand Prix of St. Petersburg web site: www.gpstpete.com