Search
 

A New Approach to Luxury Condo Sales

ST. PETERSBURG, FL-The developer of the Signature Place tower offers a 25% discount on its units.

By Carl Cronan | Updated on April 15, 2009

(Carl Cronan is editor of Real Estate Florida.)

ST. PETERSBURG, FL-Just when it seems the only residential condominium sales in Florida involve either foreclosures, auctions or bulk transactions, one local developer is trying a different approach. Signature Place, a 36-story condo tower near the city’s waterfront, is offering 25% markdowns on its luxury units.

Joel Cantor, the Tampa-based developer who built Signature Place on a former US government building lot at 100 First Ave. S. in Downtown St. Petersburg, negotiated the discount with his lending group, led by Fifth Third Bank. He estimates taking a $60-million hit on the project, which totaled $170 million, though he says it beats having to go to court.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.