The $250 million project, which broke ground in April 2020, was announced in early 2019 after the Kolter Group purchased the 1.65-acre lot, formerly a surface parking lot for the adjacent Hilton St. Petersburg Bayfront Hotel, from Ashford Hospitality Trust for $17.5 million. As part of the land sale acquisition, Kolter agreed to contribute back to the Hilton by building them 205 parking spaces in the building’s five-story, 596-space garage.
At the time of its announcement, Saltaire was expected be the second tallest building in St. Pete at 400 feet. Currently ONE St. Petersburg, Kolter’s first project in St. Petersburg, which was completed in 2018, remains the tallest at 477 feet.
However, with the groundbreaking of 400 Central, a 46-story, 515-foot high-rise at 400 Central Avenue, and the recent announcement of Kolter’s third project, Art House, Saltaire will eventually be the fourth tallest building in St. Petersburg.