Developer — comparing St. Pete to Austin — plans luxury condos
Michel Regignano says city ‘has the developmental potential to be another Austin, Texas, with all of its positive economic attributes.’
Business Observer Staff
| 7:51 p.m. November 20, 2018
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ST. PETERSBURG — A new luxury condo project is coming to downtown St. Petersburg: The Blue Lotus.
The project, at the corner of 4th Avenue NE and 1st Street North, is from Arclight Development Group and includes a high-rise tower with 17 residential boutique units plus a three level penthouse, according to a statement.
The developer, Michel Regignano, who developed his first multifamily property in Miami Beach in the heart of the Art Deco district in the 1990s, says the tower is set to be completed by early 2020. Regignano has overseen many condo projects in Washington, D.C., the release adds, and as a site locator for several national tenants, he has worked in major metropolitan areas nationwide, including Philadelphia, New York, Miami, and Los Angeles. He’s also consulted for a variety of retail tenants while serving as an expert witness for landlord tenant relations, the release adds.
“St. Petersburg has the developmental potential to be another Austin, Texas, with all of its positive economic attributes,” Regignano says in the statement. “The St. Petersburg City Planning Department possesses the vision for developing this favorable and viable future, which is reflective in their plans for tomorrow and beyond.”
The Blue Lotus, the release states, will feature upscale amenities and all units offer “breathtaking views of Tampa Bay and the St. Petersburg skyline.” Units also feature four free-flowing floor plans, an open-air pool and hurricane-proof windows and sliding doors. The exterior of the building will showcase a Zen garden with blue lotus flower sculptures as well as a designer fountain with the signature flowers floating delicately on the surface, the release adds.