Ovation Standing on Original Pricing

ST. PETERSBURG, FL-One of the city’s most ambitious residential condominium projects is sticking to its original price points even as other nearby projects are slashing theirs. Ovation, a 27-story waterfront condo tower, is still asking at least $1 million for its luxury units.

Ovation’s developer, St. Petersburg-based JMC Communities, says it has received its certificate of occupancy from city officials, allowing its first residents to move in while sales continue on remaining units. The Beach Drive project offers 45 estate-sized residences with only two per floor, plus four full-floor penthouses.

“We set out two and half years ago to design and build the finest residential tower in the Tampa Bay area, inside and out, with high-quality, highly customized homes that are personalized for each buyer,” says Mike Cheezem, CEO of JMC Communities. “Following years of meticulous preparations, that vision is now a reality.”

Cheezem has no plans to lower prices for Ovation’s units, which start at $1.2 million and range in size from 2,374 to 5,329 square feet. He says 60% of the units have sold thus far.

The sales picture at Ovation is far different from another nearby luxury condo tower, the 36-story Signature Place, which announced in April that it would offer a 25% discount on prices. That project’s 200-plus units, which were originally priced between $300,000 and $3 million, are now available at less than construction cost, says developer Joel Cantor.

Ovation also offers 17,800 square feet of ground-level retail space along Beach Drive. Two local upscale retailers, Bernie’s & Son Jewelry and Mindy Solomon Gallery, signed leases to occupy part of the space earlier this summer.