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St Pete Rising

September 06, 2022

New St. Pete townhome development is underway

Belleair Development Group’s new luxury townhome community on 87th Avenue is underway, and the local developer has officially opened a sales gallery.

The team held a grand opening for its sales gallery Tuesday evening at 669 1st Ave. North, near the future 92-unit townhome community called the Terraces at 87th.

The Belleair Development Group that’s behind the project is a family-owned firm, started by co-owner Christian Yepes’ father, Carlos Yepes, in 1997. Christian joined in late 2007.

The group purchased the townhome site on the corner of 4th St. N. and 87th Ave. N. in 2018 when it was operating as the Lamplight Village mobile home community.

The initial plan was to revamp the mobile home park, but it was cost prohibitive due to the underground infrastructure.

“We then shifted to a rental concept, but we saw such a huge need for three- and four-bedroom homeownership products. This was really my father’s vision and dream to see this come to life,” Christian said.

Carlos added, “It started with my love of St. Petersburg. When selecting materials [for Terraces at 87th], we wanted to explore how we could make this community and homes energy efficient. Residents will have the option to add solar panels. We selected natural gas, and the four-car garage is equipped to add an EV [electric vehicle] charger.”

The Yepes and Jay Phillip Parker, CEO of Douglas Elliman Florida and president of Douglas Elliman Development Marketing, broke ground on the townhome project in June. The project is expected to be completed by late 2023.

Douglas Elliman Development Marketing is the exclusive sales and marketing team for the Terraces at 87th. To date, nine units have been reserved.

The $70 million-plus project will feature three-story homes that start in the $800,000 price point as residents can select different floor plans and design packages.

The 3,753-square-foot homes have three- and four-bedroom floor plans.

The townhomes have spiral staircases that lead to rooftop terraces, which can be outfitted with a hot tub, grilling area and other features.

The units also offer a two-car garage with a covered driveway, which can accommodate two additional cars.

The community will have residential amenities ranging from a resort-style swimming pool and cabanas, fire pits and grilling areas to a fenced-in, off-lease outdoor dog park.

The development team includes Jovanovic and Lyons as the architect, Peregrine Construction Group, Interior and Surfaces as the interior designer and Clear ph Design as the design studio.

The project is the first luxury residential product in Douglas Elliman’s portfolio for St. Petersburg. It also demonstrates Yepes’ continued investment in St. Petersburg.

The Yepes own multiple properties throughout the area and recently purchased the Pinellas Park shopping mall in a $85 million deal.

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