Allen Morris On Real Estate

Allen Morris Announces New Luxury Building

  |   Art, Business, Commercial, Community, Press, Residential, The Hermitage

by Jeffrey Steele

The Hermitage Apartment Homes, which is located in St. Petersburg, Fla., is scheduled to be complete by late March.

 

St. Petersburg, Fla.—Leasing is underway at The Allen Morris Company’s new luxury, mixed-use multifamily rental development called The Hermitage Apartment Homes in St. Petersburg, Fla. Scheduled to be complete by late March, the project is located at 151 7th Street South, and fills a two-acre city block in the downtown district of St. Petersburg, across the street from what will be the city’s largest grocery store.

In the short time since leasing activities began in November, dozens of residents have staked claims on residences at The Hermitage Apartment Homes. That’s proof, its developer says, of the demand for both downtown St. Petersburg living, and for the type of architecture, art and amenities The Hermitage Apartment Homes will offer its residents.

The eight-story development features 348 large studios and one- and two-bedroom rental homes. Residences offer floor-to-ceiling windows, chefs island kitchens, granite countertops and glass-enclosed showers. Apartment homes range from 529 to 1,259 square feet in size. Rental rates begin at $1,485.

The community was developed by affiliates of The Allen Morris Company and AIG Global Real Estate Investment Corp.

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The site acquisition was a negotiated purchase that didn’t go to bid. “We also agreed to work together with the seller, the architect Calvin Samuel,” The Allen Morris Company chairman and CEO Allen Morris, based in Coral Gables, Fla., told MHN.

“He wanted to be the architect on the project . . . It was in what was a bit of a no-man’s land at that time, because it was considered a little far outside downtown. So that site acquisition required vision. People were waiting to see us begin construction on the building. And then a new restaurant opened up across the street on one side, and a new Publix [supermarket] is under construction across the street on the other side.”

Morris added his company looks for comparatively undiscovered sites that other developers have passed up. “If I have done my homework, and the site has great potential, and I’m also a bit scared, I know it’s probably the right decision,” Morris said, adding with a laugh, “When I’m really comfortable because everyone else is doing it, that’s when I’m in trouble.”

Located in the center of St. Petersburg’s art district, The Hermitage Apartment Homes will put residents a short walk from luxurious retailers, as well as art galleries, museums, marinas and medical and university campuses. Its Walk Score and Bike Score are 90 and 94 respectively, in part due to its adjacency to the Pinellas County bike-jog trail.

The LEED-certified apartment community offers a wide variety of resort-style amenities, among them a rooftop pool and spa, fitness center, outdoor kitchen and sky deck, full business center conference rooms and shared work spaces, electric car charging stations, bicycle-oriented storage, pet wash and grooming facilities, and private dining and meeting areas with panoramic views of Tampa Bay.

“The Hermitage Apartment Homes is a transformative addition to St. Petersburg, as the city’s dynamic real estate market is experiencing increasing demand for multifamily housing in prime locations,” Morris said.

“We are proud to contribute to the city’s well-known vibrancy with an inspiring and innovative development. The Hermitage Apartment Homes will be the centerpiece of the downtown area, and we are confident that residents will enjoy the comforts afforded by the residences and amenities, as well as appreciate [the city’s] lively community and lifestyle.”

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https://www.multihousingnews.com/post/allen-morris-announces-70m-luxury-building/

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