In a strong vote of confidence for the St. Petersburg market, a seasoned real estate developer has begun work on a new townhome project located on 8th Street North in Downtown St. Pete. Situated at the intersection of Burlington Avenue and 8th Street, just one block from Mirror Lake, the development will be called the 8th Street Townhomes.
The project is being spearheaded by investor George Gower, who previously developed townhomes on Fareham Place near Beach Drive in the late 1990s, a time when new residential construction in Downtown St. Pete was rare. In a recent conversation with St. Pete Rising, Gower described Downtown St. Pete in the 1990s as “sleepy” and noted that his Fareham Place project was “one of the first new residential developments in downtown in 15 years.”
Gower sees many similarities between the Fareham Place development and his new 8th Street project, especially in terms of location. While the 8th Street development is half a mile west of Fareham Place, Gower believes the area is ripe for redevelopment, with its proximity to retail outlets. “Publix opening up down the road is a big sign of confidence for the area,” Gower said, referring to a Publix Supermarket that opened four blocks south of the site in 2017.
The 8th Street Townhomes development will consist of five units, each two stories tall and offering 1,600 square feet of living space, with two or three bedrooms and two and a half bathrooms. A standout feature of the townhomes is their 340-square-foot private backyard area, large enough to accommodate a plunge pool. Additionally, each unit will have a detached single-car garage.
“The private backyard areas should be a very attractive feature,” Gower says. “We’re seeing more young families move into downtown areas, and they often have pets. Having a backyard in the middle of it all can be a big perk.” While other downtown townhome developments may offer patios or rooftop decks, few feature such large private backyards.
Recent years have seen an increase in demand for townhomes in Downtown St. Pete, particularly among young families and empty nesters. While many new townhome projects have emerged across the downtown area, the 8th Street corridor has experienced a particularly high concentration of development.
Once these projects are completed, the 8th Street corridor will undergo a dramatic transformation, with hundreds of new residential units and the potential for additional retail spaces. Units at the 8th Street Townhomes will be priced starting at $525,000, and construction is expected to begin later this year.
For more information, contact Aaron Hoffman at Compass Real Estate at 813.817.7914