Miami Company Plans Baby Boomer Apartments In St. Petersburg
American Land Ventures, a Miami company, is planning an apartment complex marketed towards baby boomers in downtown St. Petersburg. The development will be a 219 unit tower. It will stand 23 stories and will be located on Second Avenue S. It’s designed for active baby boomers who can absolutely afford to buy their own homes, but don’t want to.
The company’s 63-year-old president joked, “Essentially, I’ve designed it for myself.’’
This is the same company that built the 18-story, 358-unit AER on Third Street S that sold for $126 million. It was called “Tampa Bay’s biggest apartment deal ever.”
The new tower will be close to existing rental developments, but it’s totally different than what currently available on the market. While other developments are geared towards millennials, this is geared toward baby boomers. It will be more elegant and subtle than other apartments with sizes closer to those found in condos. The tower will feature a rooftop lounge with cabanas and a fire pit, an outdoor bar, and a large pool deck. Plus, it will have a fitness center too.
Rent will run around $1,500 or higher for a one-bedroom unit. So, they won’t be as economical as purchasing a new home in St. Petersburg, but the development may result in a more comfortable buying climate for people who really do want to purchase a new home in St. Petersburg.
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