Kolter Multifamily Buying St. Petersburg College Campus

Kolter Multifamily is preparing to reshape southern St. Petersburg with the pending acquisition of a 17-acre college campus.

The company, a division of the Delray Beach-based Kolter Group, is under contract to purchase the property at 3200 34th Street from St. Petersburg College, the Tampa Bay Business Journal reported. Terms of the deal were not disclosed.

The potential sale could play a pivotal role in the revitalization of the southern corridor of St. Petersburg.

While the full scope of the project remains to be seen, Kolter’s plans for the site likely include multifamily housing. The property’s potential will ultimately depend on rezoning approval, with Kolter, led by CEO Robert Julien, exploring opportunities under Florida’s Live Local Act to expedite the process and include affordable housing units in the development.

The Skyway Marina district, where St. Petersburg College’s Allstate Campus is located, is already undergoing a major transformation. Just across the street, the former Ceridian office park is being redeveloped into Sky Town, Atlis Cardinal’s mixed-use redevelopment that will include more than 2,000 apartment units and a retail component anchored by a Sprouts grocery store.

Those projects, combined with the potential redevelopment of the Allstate Campus, could create a vibrant, walkable community in the southern part of the city.

Kolter Multifamily’s acquisition of the campus is just one of several major real estate deals it has in the works in the Tampa Bay area. Kolter is also involved in a 350-unit apartment development in Lakewood Ranch.

Kolter Urban, a division specializing in high-rise luxury condos and mixed-use developments, recently secured a $182 million construction loan from Bank OZK for its 42-story Art House condo tower in St. Petersburg.

That project, located at 235 First Avenue South, is expected to be delivered next year. The tower will offer 244 units, ranging from 1,400 to 2,600 square feet, with prices starting at $1 million.