Hines starts construction on Azure residence in St. Petersburg (RU)

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 ft² 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 ho

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