Undeterred Developers Buck Market Trends. Ribbon-Cutting Ceremony to Take Place March 7
ST. PETERSBURG,FL– The owners of one of Florida’s largest-ever condo conversion began a historic redevelopment on Coquina Key at a time when the national economy was booming.
And while the Florida Association of Realtors reports that Florida condo sales have declined by 30 percent since Jan. 2007, the Waterside at Coquina Key development group, Prospect-Marathon Coquina Holdings, LLC, has remained committed to its St. Petersburg project, unlike many other developers who have either ended or stalled out on local condominium projects.
The FAR reports only 333 total condo sales last month throughout Tampa, St. Petersburg and Clearwater, down 12 percent from the 378 sold in Jan. 2007. And, while the median sales price in this market has slipped by 13 percent in the last year, Waterside condos continue to attract buyers seeking a waterfront lifestyle in a charming boating community that boasts completely upgraded amenities.
Now, with the completion of the Waterside Yacht Club, the original vision of Waterside at Coquina Key as a world-class boating community has been realized. To celebrate this milestone, a ribbon-cutting ceremony and grand opening reception will be held on March 7 at 4 p.m. for the new $2 million facility.
Beginning March 7, Waterside residents will enjoy membership at the private Waterside Yacht Club. The two-story, 8,000 square foot structure features terraces overlooking the bay with views of the Sunshine Skyway Bridge and downtown Tampa; private dining services with a waterfront bar; a heated swimming pool with a Jacuzzi and spacious clubhouse areas that can be used for events and entertaining guests.
“Despite the market, we know that there are still many prospective buyers today who continue to seek premier real estate opportunities and appreciate the tremendous value brought to Waterside by the inclusion of high-end amenities such as the new Waterside Yacht Club,” stated Greg Berger, principal of Robert Martin Company, which owns Waterside along with Prospect Capital Group and Marathon Real Estate.
“Waterside at Coquina Key is a testament to our continued investment and commitment to enhancing the St. Petersburg real estate market.” The Waterside CommunityWaterside at Coquina Key is made up of 912 condominiums that are split into two distinct villages on the north and south ends of the island, each with their own boat slips and clubhouses with health club facilities and full-sized pools.
Prices at Waterside start in the high $100,000s and go to the $600,000s for spacious three-bedrooms on scenic Tampa Bay
. In addition to the Yacht Club, Waterside amenities include two clubhouses; 301 boat slips tended by a dock master, dry dock facilities and easy boat access to Tampa Bay; resort-style pools and spas; fitness centers; lighted tennis courts; a private movie theater and an on-site market for light shopping. An 88-acre community, Waterside is a haven for bird watchers and is close to some of the Gulf’s most amazing wildlife and recreation areas.
For more information about Waterside, call (727) 894-2800 or visit www.infoatwaterside.com . The Waterside sales center is located at 4810A Coquina Drive, St. Petersburg, Fla., 33705.
About The Developer:
Prospect-Marathon Coquina Holdings, LLCWaterside at Coquina Key, a project by Prospect-Marathon Coquina Holdings, LLC, is a joint venture between Prospect Capital Group and two other experienced and highly respected development organizations. Marathon Real Estate is the real estate private equity arm of Marathon Asset Management, LLC, which manages over $3.5 billion of capital through offices in New York, London and Hong Kong.
Marathon Real Estate is currently active in development and ownership of residential, office, industrial, parking and hotel properties in the United States, Canada and Europe.
Prospect Capital Group, a Connecticut based entrepreneurial investment firm that focuses on condominium conversion opportunities in the office, retail, and multi-family segments, has over $120 million committed to projects in Georgia and Florida.
Founded in 1957, Robert Martin Company LLC has a long, distinguished history in real estate. The company and its partners have developed and acquired over 20 million square feet of property and its holdings presently include over two million square feet of office space and hundreds of acres of developable land.
For more information on Robert Martin Company, LLC visit http://www.robertmartincompany.com/.
Media Contact:
Chrisa Segalini
Beckerman PR
908-722-4525
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