Belpointe PREP LLC (NYSE American: OZ), a publicly traded qualified opportunity fund, announced that construction is underway on a 269-unit multifamily development located at 902-1020 First Avenue North in St. Petersburg, Florida.
Belpointe says the new development will be the latest addition to the St. Petersburg community and will have a wide variety of studio, one-bedroom, two-bedroom and three-bedroom apartment homes.
With approximately 15,500 square feet of retail space and standing at 15-stories tall, the complex will also include a club room, fitness center and swimming pool.
“We are thrilled that construction is underway on this exciting new project in St. Petersburg,” said Belpointe OZ’s chief executive officer, Brandon Lacoff. “This development will offer residents the perfect blend of luxury and convenience, with easy access to shopping, dining and entertainment options. We are excited to see this project come to life and to contribute to the growth and development of the St. Petersburg community.”
Belpointe OZ is a publicly traded qualified opportunity fund. It has raised more than $345 million of equity capital in its ongoing qualified opportunity fund offering, with over 2,500 units in its development pipeline throughout four cities, representing an approximate total project cost of over $1.3 billion.