Eleve’61, one of the newest towers in development in the Channel district, is being constructed with a particular demographic in mind, and unlike some of the recent trends, it’s not millennials.
In Tampa, there are two types of condominium residences currently available, very large, very expensive luxury properties and smaller, apartment-sized properties, said Ken Stoltenberg, director of Mercury Advisors, the owner of the property and leading the way on the project.
Eleve’61, located at 858 Channelside, Tampa, will be the in-between. Offering mid-sized residences for those aged 50-65 that want the amenities, but don’t want the hassle of a home. Their kids have gone off on their own, and they are looking to downsize.
“What these residents need is more time,” Stoltenberg says. “We now have a true, walkable neighborhood [in downtown Tampa]. You don’t want to get into your car.”
In addition to South Tampa, some of the targeted areas that Mercury hopes to attract from is the Avila, Cheval and Old Memorial Country Club neighborhoods.
Backstory
Ten years ago, Stoltenberg lived with his wife at 1000 Channelside, or two blocks north of the Eleve’61 site. They enjoyed time on their patio that faced west and realized they had a million-dollar view.
The idea was born, what if there were a tower that nearly every residence had such a view?
The tower will have 35 stories and 61 units, nearly all with those views that Stoltenberg envisioned.
Mercury Advisors has owned the property since 2006, previously known as the Del Villar project, Stoltenbergs wife’s last name.
Three months ago, the project was renamed Eleve’ 61, pronounced (El-a-vey).
Downtown St. Petersburg, which is also experiencing a condo tower boom, is a much different market than downtown Tampa.
St. Petersburg tends to draw more snowbirds and people buying from out of town. Eleve’61 is being marketed strictly to those that already live and play here, Stoltenberg said.
The company has secured a construction loan for $45 million from the Miami firm Bridge Invest, which guarantees construction.
The sales center for the residences, priced from $800,000 to $1.8 million, is set to open in November. ♦
