The Addison on Long Bayou is ContraVest Development Partners (CDP) next great community. The site is located in Central Pinellas County southeast of the main intersection of Park Boulevard (Hwy 694, 45,000 cars per day) and Seminole Boulevard (Alt 19, 37,000 cars per day). The community commenced construction in March of 2017 and will be a 19 acre waterfront development that fronts Long Bayou and is currently planned for 247 multifamily units. It can be accessed from the south at a traffic light at 70th Avenue or from the east at a traffic light at 104th Lane.
To the immediate North is a Home Depot/TJ Maxx/Burlington Coat Factory shopping center. Less than a mile to the west is a Publix grocery store and the recently constructed Seminole City Center is under construction. This massive redevelopment of the Seminole Mall accepted new tenants in March 2016 and will be completed in summer of 2017. It will contain multiple components, including a power/big box component, entertainment/experience component, as well as a necessity-based retail component.
Site amenities include 2 lakes, views of long bayou, 2 blocks from a new City of Seminole Park, and 4 blocks from the Pinellas Trail (linear park and recreation trail currently extending from Tarpon Springs to St. Petersburg, over 41 miles). Only 2 miles from the beautiful and world renowned Gulf of Mexico Beaches.
The St. Petersburg/Seminole MSA (Metro Statistical Area) has boasted an above average rental increase of over 5.5 % this past year. In addition there has been positive absorption in existing properties as well as a stabilized 96% occupancy within the trade area all while delivering rental increases. The Central Peninsula of Pinellas County has produced a 12 month net absorption number of 713 units according CoStar. This is a nearly twice the historic average.