Water Club construction starts, Kolter plans big

After halting development during the recession, The Kolter Group is returning in a big way.

The West Palm Beach-based real estate investment firm and homebuilder has started development along the Gulf Coast again with Water Club condominiums on St. Petersburg's Snell Isle. The $30 million construction project will create two nine-story towers with 84 condominiums and 11 two-story townhomes with two-car garages. The waterfront units will range in size from 1,863 to 2,108 square feet and start in the $500,000s. Located at 1325 Snell Isle Blvd. N.E., the community will feature a fitness center, swimming pool and open-air palazzo.

Bob Vail, president of Kolter Urban, says recent trends in the region spurred them to move forward after buying the property seven years ago. “We've been tracking that market for about two years and feel now is the time,” Vail says. The developer is scheduled to deliver the project by summer 2014.