Residential Development - Bob Glaser

What are Downtown St. Pete’s unique offerings to prospective residents? 

I think in big picture terms what people look at when they come here is the park system, the walkability and accessibility of those parks. Now the Pier just adds to that enjoyment. The Pier is the daily morning walk for a number of recent relocations. Our walkability scores are so great and the ability to expand access up Central Avenue through the new BRT line has grown “Downtown” from a few block to up to 34th Street, really. Along the way, you have all the different districts and they become so much more seamless. 

Then there are the museums—new ones opening this year like the Arts & Crafts, the newer Tom James Museum, and of course the Dali and the significance of having that in the area. We are a city of the arts but also music and every individual can find what they like, even if it’s getting onto a boat and heading out to the Bay. It’s an interesting dynamic and mix of activities you can’t find in most cities.   

Do you see a lot of buyers test the market by renting before they buy? 

We did not up until now have a great inventory of rentals at the luxury and intermediate levels that are up to three bedrooms and two stories in some cases. This gives the opportunity now to rent, try out the town, see what you like and then buy when you’re ready. It makes a huge difference for a city to be able to grow when you offer that temporary rental option; we used to lose people to over the bridge because they could rent there. 

“Who” is the typical Downtown St. Pete prospect and what are the biggest inventory gaps for interested parties?  

Downtown’s younger demographic, the 20-35 range, has expanded based on the greater availability of rental units. With condominiums, your buyer is still generally age 45-65. They are largely empty nesters and have been in a single-family home before and prefer the condo or they are relocating from another condo/Downtown market. The Pandemic brought a lot of eyes to our area, and it elevated us to attract a California, Seattle, Texas buyer versus all of the east of Chicago areas we used to primarily attract.  

Looking ahead to future needs, absorption is 100% on the condos and very strong on the rentals, so there’s still a demand for condo availability in the medium range, meaning $700k-$900k. The units are smaller and buyers are more concerned with being in Downtown than having a view. We recently saw smaller units in the $500k-$600k range in a limited amenity development sell very quickly, so there is a need. Up along Central, the push will be for 5-10 story buildings versus towers.  

The unusual nature of this city is in the diversity of housing within a three mile radius—1970s condos overlooking the Bay, single family homes just to the north, brand new condos and rentals, townhomes—all at a variety of heights, views and price points. You have that diversity of housing stock, plus great accessibility, walkability and unassuming, low key “hiding spots.” 

Do you see any challenges associated with Downtown’s growth?

I think a lot comes down to communication—people’s understanding of parking and how to get around. When you are having as many events as our city does, you have to work out how you are going to get people in, parked and then how you are going to clean up once they leave. If we're going to be known as a city that's big on the events, we have to be able to accomplish all of these things.

Complete this sentence. Downtown St. Pete is a place to ______. 

A place to observe the world. From Craft Café at 200 Central, you can see it all—young people at the bar at Oak & Stone, elderly people crossing the street, people who are clearly visiting and exploring, traffic in and out of the James Museum. From that spot you can see every look and every demographic, each on their own mission, whether shopping, working, drinking, eating or having fun. It’s such a great blend of people in the city having a good moment. 

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