DDA Development said Monday that it has closed on an acre of land at Second Street and Fifth Avenue South in downtown St. Petersburg where it plans to a build a condominium tower named The Salvador.
More than 30 percent of the 74 units — between 20 and 25 — have been presold, a spokeswoman said, though she declined to disclose the exact number of presold condos. A price for the land transaction was not disclosed.
Closing on the land brings a new layer of credibility to any development project, because it means the developer is moving forward and usually signals that construction is imminent. Construction is slated to cost around $30 million for the 13-story Salvador and take an estimated 14 to 16 months to complete.
Downtown St. Petersburg has seen an onslaught of new residential construction in recent years. The downtown population combined with attractions like the revamped Sundial is driving interest in office space. That’s because more companies are drawn to a live-work-play environment to help them compete for a young, talented workforce.
Smith & Associates Inc. began marketing the condos for Tampa-based DDA in mid-October. Condos in the Salvador range in price from $335,000 to $1.4 million and will have an address on Dali Boulevard. Two-bedroom, two-bathroom units will be between $450,000 and $650,000.
The property will include an 11,000-square-foot amenity deck with a spa, fitness center, heated saltwater pool, gated dog walking area and pet bathing stations.