Starring in Downtown St. Pete – Vela
Vela, named after a constellation, is designed for upscale, but affordable, living in downtown St. Petersburg.
ST. PETERSBURG – This city has come a long way.
Once derided as a sleepy town for retirees (“God’s waiting room”), it’s been transformed into a more edgy, more youthful place with an emphasis on the arts, entertainment and trendy restaurants.
That bustling liveliness has brought a housing boom to the city as people who want to be where the fun and action are seek to move downtown. But many times that has translated into housing prices that climb into the millions – well out of the reach of many wannabe city dwellers.
Some developers are trying to fill that market for more affordable homes. One such development is the Vela, which is getting ready to wrap up its pre-construction sales period. About half the 20 residences are already sold.
“Sales are doing real well,” said Eileen Bedinghaus of Re/Max Metro Real Estate Services, the exclusive listing agent for Vela. “The building is an amazing opportunity for people. … The values are going to go up.”
Among the buyers are a retiree, a lawyer, dentist and Realtor.
“It’s a nice mix,” Bedinghaus said.
Vela, 424 Eighth St. S, is being developed by Komo Development, supported by Koly International, a multi-disciplined engineering firm, headquartered in St.Pete. Koly was part of the development of the nearby Orion condominiums, a 38-unit condo.
The Orion was named after a constellation and the developers played off that in naming Vela, which is also a constellation. Vela is Latin for “sails” and the logo and art on the side of the building are sail-like. The sail idea is also a nod to St. Petersburg’s waterfront. The star theme is carried even further with floor plans named after constellations.
The 20 two-bedroom units will be built in a U-shape, meaning all but two condos will be corner units. The design also means each unit will have ample windows and natural light. Each unit will have balcony space that’s roomy enough to use for entertaining. And each bedroom will have entry directly onto a balcony. Gourmet kitchens, granite countertops, walk-in closets and natural gas will be found throughout the building. Up to two parking spaces per unit are available for most units.
Rounding out the amenities are a state-of-the-art fitness center, a third-floor courtyard and seventh-floor recreation deck.
Two pets per unit will be allowed. The limitation is a combined weight of 100 pounds. There are, however, limitations on rentals.
“Airbnb will not live here,” Bedinghaus said.
But the real selling point is location. It’s within easy walking distance of the stores and restaurants on Central Avenue as well as Tropicana Field, the new Pier, the Mahaffey, the Dali and USF St. Petersburg
Pre-construction prices start at about $308,000. After pre-sales are closed, prices will increase. At that point, they will start at $338,000.
For information about Vela or ReMax/Metro, go to velastpete.com
Vela | St. Petersburg | Real Estate | Business | Condominiums | Re/Max Metro | TB Reporter
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