ST. PETERSBURG, FL—The Allen Morris Companyreports it has closed on the purchase of two acres of undevelopedland on First Avenue South here where it plans to build TheHermitage Apartment Homes.

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The Hermitage project will encompass an entire city block indowntown St. Petersburg. Construction on the eight-story buildinglocated at 700 First Avenue South will begin in July, with studio,one-, and two-bedroom units scheduled for occupancy at the end of2015, company officials say.

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“St. Pete's population was once dominated by retirees, but theaverage age is trending younger,” says W. AllenMorris, chairman and CEO of the Coral Gables, FL-baseddevelopment company. “The area's employment growth rate for youngprofessionals is now the highest in Florida, and we are excited tobe investing in the city's future.”

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Planned amenities at the development, which was named after thefamous art museum in St. Petersburg, Russia, will include a rooftoppool and spa, fitness center, outdoor grilling area, ademonstration kitchen and a private dining/meeting room filled withart.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.