Hines Starts Construction on Azure Residences in St. Petersburg

(ST. PETERSBURG, FL) – Hines, the international real estate firm, today announced that construction is underway on Azure – a new luxury multifamily residential complex in St. Petersburg.

The development represents Hines’ first project in the city and one of several multifamily projects planned for Florida.

Azure is located within the Carillon Park mixed-use master-planned community, in close proximity to Roosevelt Boulevard, Ulmerton Road and I-275.

The development will include 308 luxury garden-style residences in seven three-story buildings and one four-story building with direct entry and detached parking garages.

The complex will feature a best-in-class amenity package including a clubhouse, a resort-style swimming pool, a state-of-the-art fitness center, an Internet café and a sports lounge. Some apartments will enjoy water views of Tampa Bay while looking across a pristine wetlands preservation.

Residents will enjoy a short drive to the region’s best beaches in St. Petersburg and Clearwater.

Designed by The Preston Partnership of Atlanta, GA, Azure’s architecture evokes a coastal style with buildings clad in clapboard siding, with shake accents, wide eaves, metal roof accents and stucco at the buildings’ bases. The project’s one-, two- and three-bedroom apartments will range in size from 655 to 1,376 square feet and will include high-quality finishes.

General Contractor Urban Oaks Builders expects occupancy of the first units in October 2013, with final completion in October 2014.

Alan Patton, senior managing director in charge of the firm’s Multifamily Division, said, “Hines has a legacy of delivering high-quality projects all over the world.

We expect that legacy to continue with Azure – a classically designed residential community within the well-known Carillon Park development in the Gateway submarket of St. Petersburg.”

Hines Managing Director and leader of the firm’s Southeast Region multifamily platform Jon Wood said, “Azure is a significant project for us as it will occur on one of the few remaining apartment sites in St. Petersburg and within one of the best locations in the area, Carillon Park.

We look forward to growing our multifamily presence in Central Florida.”

The ARA broker team of Richard Donnellan, Patrick DuFour, Kevin Judd and Matt Wilcox arranged the sale of Azure’s 13.2-acre site on behalf of an institutional seller.

"The site represents one of the best development opportunities in Tampa Bay," Dufour said.

"Class A apartments in Tampa Bay are full, and there has been a void of new product in the market for nearly five years.

With expected job growth of 30,000 new jobs this year, and apartment deliveries at approximately 2/3 of historical levels, demand is significantly outpacing supply.

Hines should do very well with the project as a result of these favorable supply and demand factors, and will benefit from a very strong location within a Class A office park providing significant employment within walking distance of the property."

Carillon Park encompasses more than two million square feet of Class A office space, a Publix grocery-anchored retail center, a four-star hotel and a 60,000-square-foot outpatient clinic.

Major employers in the area include Raymond James, Franklin Templeton, Aegon, Fidelity National, General Dynamics, Jabil Circuit and PCSU Financial.

In January 2011, Hines formed its Multifamily Division, with a focus to expand the firm’s multifamily development activity throughout the U.S. by working with Hines’ domestic regions on for-rent residential programs.

Currently, the Multifamily Division has more than 5,000 units in projects in various stages of development.

In addition to St. Petersburg, the company has other multifamily projects that are located in several U.S. cities including: Atlanta; Cambridge, MA; Denver; Houston; Miami; Minneapolis; Pasadena, CA; Phoenix; and Rockville, MD.

Hines’ experience in Florida includes: the development of 3,000 acres of master-planned communities including Palencia, Glen St. John and Woodlawn in Jacksonville; the 16-story, 101 unit luxury condominium tower, Madeira on Marco Island; the 55-story Wachovia Financial Center in Miami; and the 12-story 2525 Ponce de Leon building in Coral Gables.

Hines also owns and manages the 276,300-square-foot Doral Corporate Center located in Doral and manages the one million-square-foot Airport Corporate Center on behalf of Hines REIT.

Hines recently acted as the Development Manager for the Frank Gehry-designed New World Center performing arts center in Miami Beach, as well as the new Dr. Phillips Performing Arts Center currently under construction in the City of Orlando.

 Hines is also developing the 276-unit Ponce & Bird multifamily project in Miami.

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,208 properties representing more than 488 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.

With offices in 104 cities in 18 countries, and controlled assets valued at approximately $23.8 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems.

Visit www.hines.com for more information.