Allen Morris Closes on Multifamily Land Deal
By John Jordan | Tampa | Globest.com
ST. PETERSBURG, FL—The Allen Morris Company reports it has closed on the purchase of two acres of undeveloped land on First Avenue South here where it plans to build The Hermitage Apartment Homes.
The Hermitage project will encompass an entire city block in downtown St. Petersburg. Construction on the eight-story building located at 700 First Avenue South will begin in July, with studio, one-, and two-bedroom units scheduled for occupancy at the end of 2015, company officials say.
“St. Pete’s population was once dominated by retirees, but the average age is trending younger,” says W. Allen Morris, chairman and CEO of the Coral Gables, FL-based development company. “The area’s employment growth rate for young professionals is now the highest in Florida, and we are excited to be investing in the city’s future.”
Planned amenities at the development, which was named after the famous art museum in St. Petersburg, Russia, will include a rooftop pool and spa, fitness center, outdoor grilling area, a demonstration kitchen and a private dining/meeting room filled with art.