Water Club commercial real estate development is popular

Water Club commercial real estate development is popular

Developing land can be a complicated process. A developer often takes into consideration several factors, such as whether or not a new development will be profitable in a certain location. The developer also may be confronted with challenges when trying to negotiate the commercial real estate deal with city officials. However, these risks often appear to be worth taking in Florida, where high-end condos are in popular demand.

In particular, the Water Club on Snell Isle is in the process of being erected and will be completed soon. The building broke ground in 2013 after the developer felt confident that the real estate investment would yield a good return. The establishment features 84 units with jet bathtubs, granite countertops and even one private elevator.

The prices for the condos in the building's twin towers begin at around $500,000, and they are selling quickly. Residents there can easily see the waterfront of St. Petersburg and take advantage of a clubhouse and swimming pool. Condos are particularly drawing people who wish to avoid the risks of homeownership and enjoy a more urban lifestyle. The development is expected to open during the summer months.

Although the Water Club at Snell Isle is progressing well in Florida, some commercial real estate development deals may end up failing. To prevent hiccups during a deal -- particularly one that involves complex issues such as land use matters or sophisticated transactions -- it helps to fully understand the related laws. Doing so will enable one to take advantage of today's real estate market opportunities, overcome barriers to success and accomplish one's business objectives in our state.

Source: The St. Petersburg Tribune, "Demand rising for Pinellas condo towers", Josh Boatwright, April 20, 2014