St Pete Rising
June 13, 2022
92-unit townhome community Terraces at 87th breaks ground this summer in north St. Pete
Terraces at 87th, a neighborhood of 92 townhomes, will break ground this summer at the corner of 4th Street North and 87th Avenue in St. Petersburg.
Belleair Development Group purchased the former 112-unit Lamplight Village mobile home park in January 2018 for $3.4 million.
A previous proposal, featuring 72 townhomes and a 40-unit building, was approved by the City’s Development Review Commission last May. Originally, the plan was to offer the units as rentals.
However, rising construction costs and the high demand for townhouse-style units caused Belleair to reconfigure the project and offer the units for sale instead of for rent.
The new proposal also removes the 40-unit building in favor of additional townhome-style units. The reconfigured plan will not need to go through the approval process again.
“Some developers like to build as many units as they can fit on a site,” said Belleair Development Group’s owner and founder, Carlos Yepes. “We decided to build less units and make them all corner units.”
With Terraces at 87th, Belleair Development Group has envisioned and designed “the first sustainable luxury community in Tampa Bay”, as each home will include gas stovetops and pre-wiring for electric vehicle chargers. The units will also be equipped and ready for energy-efficient solar panels.
Each three-story home will feature 2,207 square feet of open-concept living space, four bedrooms (or three bedroom + den), three bathrooms, a four-car garage, and a rooftop terrace accessed by an exterior spiral staircase. Future residents will also have the option to add an outdoor kitchen and jacuzzi to the rooftop.
In addition to providing a four-car garage for each unit, residents will also be able to park two cars under a cantilevered second-floor balcony and two cars by the driveway.
“We decided to include a four-car garage because it really doesn’t exist anywhere else,” said Yepes. “If residents only have two cars, they can use the extra space for a workout area or storage.”
Another unique aspect of the project will be the inclusion of four-bedroom units, which are rarely included in new multi-family developments in St. Pete.
“The Terraces at 87th will truly be a defining community in Tampa Bay,” said Yepes. “The Douglas Elliman team and I are excited to welcome future residents as we have been taking the time to design and develop sustainable luxury homes.”
Resident amenities include a resort-style swimming pool surrounded by a sundeck with spacious cabanas, fire pits, grilling areas, and a fenced-in outdoor dog park for off-leash play.
“We did a lot of research into what people want in their community,” said Yepes. “It turns out people don’t really care about having a club house, but they love having a community pool.”
After purchasing the property in 2018, Belleair carved out two pads for the development of retail buildings fronting 4th Street North. The first building, which is 2,452 square feet, was completed last year and is leased to Verizon. A second building, which will be 6,815 square feet, will be occupied by a restaurant.
Established in 1997, Belleair Development Group is a family business focused on commercial retail and multi-family development with projects ranging in size from single-tenant banks and gas stations to larger big box and grocery-anchored centers, as well as mixed-use or town center developments. Since its inception, they have delivered over 300 commercial and residential projects.
Belleair has selected Douglas Elliman Development Marketing as the exclusive sales and marketing team for the development. Terraces at 87th represents Douglas Elliman’s first luxury development in the Tampa Bay market.
Other members of the development team include Jovanovic & Lyons as the project’s architect, Native Engineering is the civil engineer, Building Concepts of Tampa Bay is the general contractor, Interiors + Surfaces for interior design, Clear ph Design for branding and marketing, and Advanced Engineering Consultants for structural, mechanical, electrical, plumbing and fire protection.
Construction on the development is expected to begin within 30 days and will be built in four phases. Pricing will start at $795,000.