Kolter Urban Acquires Waterfront Property for New Mixed-Use Development in St. Pete Beach

Delray Beach-based real estate developer Kolter Urban has secured a prime piece of waterfront property on St. Pete Beach, marking the beginning of plans to develop a new mixed-use residential project. The acquisition covers 4.5 acres of land at the east end of Corey Avenue, a highly sought-after location that will soon be transformed into a vibrant, modern community.

Acquisition Details and Previous Developments

Kolter Urban paid $9.85 million for the vacant site, which was once slated for a project known as Corey Landing. This original proposal envisioned a 243-unit apartment complex complete with restaurants, shops, a park, and boat docks. However, Kolter’s plans for the site will differ, focusing on luxury condominiums instead of apartments, with commercial space expected to complement the residential units.

In addition to the 4.5-acre parcel, Kolter has also acquired two adjacent properties that were not part of the original Corey Landing development plan. These include a 0.37-acre lot at 75 Corey Avenue, purchased for $3.5 million, and a 0.23-acre lot at 85 Corey Circle, purchased for $1.75 million.

Kolter Urban’s Expanding Presence in St. Petersburg

Kolter Urban is no stranger to St. Petersburg’s thriving real estate scene. The developer has already made its mark in downtown St. Pete with several high-profile condo projects. These include ONE St. Petersburg, which opened in 2019, Saltaire, which debuted in 2023, and the upcoming Art House, slated for completion in 2025.

The new waterfront development on St. Pete Beach will add to Kolter’s growing portfolio in the region, continuing its focus on upscale residential spaces in prime locations.

Redevelopment Plans Still Unclear

While specific details about the redevelopment of the Corey Avenue site have not yet been disclosed, Kolter Urban has confirmed that the project will include condos rather than rental apartments. Additionally, the developer plans to incorporate commercial space into the project, further enhancing the area’s appeal as a mixed-use destination. As the project progresses, more information is expected to emerge, particularly regarding the scope of amenities and design features.

As Kolter Urban moves forward with this acquisition, the community and real estate enthusiasts will be watching closely to see how this high-profile waterfront site is transformed into a dynamic, modern living space.

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