Learn More About the Saltaire EB-5 Visa Project
Kolter continues to strive toward a 2023 completion date for the Saltaire St. Petersburg condominium tower.
Saltaire is a 35-story luxury condominium development in downtown St. Petersburg, Florida. The project is located in an urban TEA, qualifying it for reserved EB-5 visas. The project has already created enough jobs to satisfy the job creation requirement for all of its EB-5 investors.
The development team is pleased to share this compelling urban EB-5 project’s excellent progress in 2022 and its plans for continued momentum in 2023.
Progress on Amenities
In 2022, progress was made toward completing the project’s amenities. Specifically, the fitness center, pool with cabanas, club room, event terrace, and news cafe are all nearing completion and will be available to residents and guests following the initial closings later this year.
All residence finish selections were completed in 2022, and unit interior buildout has commenced.
Local Community Highlight
Saltaire is located in the heart of downtown St. Petersburg with many options for entertainment, dining, culture, and landmarks. Residents and guests can enjoy the new St. Pete Pier, which is just a few short blocks away. The nearby Al Lang Stadium is home to the Tampa Bay Rowdies, a minor league soccer team. The Salvador Dali Museum is among 6 museums within a few blocks of Saltaire. And the St. Petersburg Saturday Morning Market offers residents and guests a bustling farmers market with live music on Saturday mornings.
At the end of 2022, development continued to focus on drywall, interior tile, cabinetry, stone work, and exterior stucco application.
In 2023, construction activities will remain focused on completing the construction of the interior and exterior of the building, including any punch list items.
Initial certificate of occupancy and closings are expected to begin in summer of 2023 and to be completed by the end of 2023.
EB-5 Job Creation Update
EB-5 eligible job creation is based on project expenditures since construction began on the Saltaire EB-5 project. As of year-end 2022, a total of approximately $141.3 million has been spent on EB-5 eligible project costs. Most project costs, excluding land and other ineligible costs, count toward EB-5 eligible jobs. This approximately $141.3 million in spend to date consists of approximately $134.0 million in hard construction costs and approximately $7.3 million in soft construction costs. When combined, these eligible expenditures have created approximately 1,584 EB-5 eligible jobs through year-end 2022. These jobs are more than enough for all EB-5 investors in the Saltaire EB-5 project to obtain their permanent green cards. When completed, the Saltaire EB-5 project is expected to create 2,367 EB-5 eligible jobs.