Allen Morris breaks ground on The Hermitage Apartment Homes™ in St. Petersburg, a luxury residential development
Transformative Luxury Residential Development to Rise in Downtown St. Pete.
The Allen Morris Company, one of the largest diversified real estate firms in the southeast, broke ground on The Hermitage Apartment Homes™, a new luxury, multi-family residential rental development in St. Petersburg, Florida.
The approximately $70 million project is a partnership with AIG Global Real Estate, the real estate investment division of insurer American International Group, Inc., (AIG), with financing provided by TD Bank, along with support from BB&T.
The groundbreaking was attended by St. Petersburg Mayor Rick Kriseman and top city officials, along with Chris Steinocher, President of the St. Petersburg Area Chamber of Commerce; Roger Ross, Interim CEO of the Morean Arts Center; Padraig Hughes, Associate at AIG Global Real Estate; Donald Mincey, Senior Vice President of Commercial Real Estate at TD Bank; and William Ruiz, Vice President of BB&T.
Located at 750 First Avenue South in the heart of downtown St. Petersburg, The Hermitage Apartment Homes™ will be comprised of 348 rental residences within an eight-story building that encompasses a full city block and features spacious studio, one- and two-bedroom residences. The architecture will reflect the city’s heritage, with ‘lighthouses’ towering at the project’s four corners. The project will be minutes from the city’s burgeoning medical and university campuses, retail shops, art galleries and museums.
“There is a strong demand for multi-family residences in the downtown area of St. Petersburg,” said W. Allen Morris, Chairman and CEO of The Allen Morris Company. “This new development will be a centerpiece in a city that continues to grow as a hub for urban dwellers, from millennials to empty nesters alike, all seeking a lifestyle where they can live, work, and thrive in a vibrant community.”
Scheduled for completion in 2016, The Hermitage Apartment Homes™ will feature resort-like amenities including a rooftop pool and spa, fitness center, outdoor grilling area, private dining and meeting areas with expansive bay views, and contemporary art displayed in the lobby and throughout the property. To complement its proximity to the Pinellas County bike-jog trail, The Hermitage will also offer a bicycle-oriented storage and service center.
The Hermitage Apartment Homes™ is another major project of the Residential Division of The Allen Morris Company, who is also co-developing the iconic 57-story SLS LUX Brickell condominium tower in partnership with The Related Group in Miami, Florida.
“We are extremely bullish on Florida as a whole,” concludes Morris. “We are proud to be in St. Petersburg and look forward to announcing additional residential development projects throughout the State in the near future.”
About The Allen Morris Company:
The Allen Morris Company is one of the largest real estate firms in the Southeast U.S. specializing in commercial and multi-family residential development, leasing, property management, and brokerage. With offices in Miami, Coral Gables, Fort Lauderdale, Orlando, Jacksonville and Atlanta, The Allen Morris Company has served its business and investment clients for over 56 years. For more information, please visit www.allenmorris.com or follow us on Facebook at www.facebook.com/TheAllenMorrisCompany or in Twitter @allenmorrisco.
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