Saltaire ~ Pre-Construction News
May 15, 2019
The reservation process is very simple. You simply select a residence that is available for reservation within the tower at the price given at time of reservation. You then document this reservation by signing a simple 3 page document which is then signed by the development group (Kolter) to create a fully executed agreement. This signed document must also be accompanied by your $10,000 fully refundable deposit.
The next event will be the conversion by the development group from reservation to contract. We expect this will occur in August/September of this year. It is at this time that you the reservation holder will be contacted by the development group and you will be asked whether you wish to proceed to contract. Prior to making your decision to convert to contract, the development group will inform you at that time what the pre construction discount might be. This discount, whatever it might be, is a percentage discount to your reservation price. If you decide not to convert to contract, then that residence is placed back in the developer’s inventory and you will have your $10,000 deposit returned in full. If you decide to go forward to contract, then you will enter in to a more formal agreement with the development group to purchase that residence. I expect the deposit schedule for the purchase agreement to be 30% to be delivered in 3 – 10% increments staggered over a 4 month period. The balance of 70% is then due at delivery (closing) which we project to be 2nd quarter 2022. It should be noted that we delivered ONE St. Petersburg ahead of our projections.
April 30, 2019
The tower will be around 35 stories with a typical floor having seven residences per floor ranging in size from approx. 1600 SF to approx. 2700 SF in 2 and 3 bedroom plans. There will be four Penthouse series residences averaging 6000 SF offering a 4 bedroom layout. There will also be 2 bedroom "loft style" residences (approx. 2000 SF) on the lower floors facing toward the bay. The resort style pool, fitness, and club room will be positioned on level 7 and will have direct views east toward the bay. Each residence will have two private parking spaces and the building will have 24/7 valet.
The general timeframe will have reservations beginning in 2nd quarter of this year. Expect those reservations to be converted to contract in 3rd quarter 2019 with ground breaking beginning in the 4th quarter of 2019. Projected completion 2022.