DevMar Equities Inc (DEVM)

[Timing101]

City approves plan for SKY ST. PETE, Just out Aug 19, 2022.
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https://stpetecatalyst.com/city-approves-devmars-planned-20-story-tower/
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One would think that a PLAN is coming out that supports all these projects from the Public Stock side , just had to get it legally set up and changed from what was there prior. Hopefully that Columbian side is taken out in next disclosures.
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The St. Petersburg City Council has unanimously approved DevMar’s newest project – a 20-story residential tower.

DevMar, which is behind the 11-story Vantage St. Pete apartment building and The Metro, a 100-unit apartment project underway in the Edge District, has submitted plans to build Sky St. Pete, which will consist of 246 apartment units and a 241-space parking garage located at 1624, 1642, 1650 and 1662 Burlington Avenue North.

The council, meeting as the Community Redevelopment Agency on Thursday, approved the project, finding it consistent with the Intown West Redevelopment Plan.

Currerntly, the site of the $59 million project has a vacant dirt lot and seven residential structures with eight dwelling units, which would be demolished. The site is one block away from DevMar Development’s Vantage St. Pete apartment building.

Floors two through five will serve as the parking garage, the sixth floor will have an amenity deck and the 20th floor an outdoor rooftop terrace. The units would range from 420-square-foot studio apartments to 1,056-square-foot two-bedroom units.

DevMar is working in partnership with Michigan-based Fusco, Shaffer and Pappas as the project’s architect in designing the concrete building.

“An upscale mixed-use apartment building of this type, will be conducive to the improvement of the residential market of the surrounding community,” the architect wrote in a project narrative document to the city.

A public hearing for the projected is scheduled for Sept. 7.

The company will be contributing to the City’s Housing Capital Improvements Projects (HCIP) trust fund, which goes toward the city’s workforce housing efforts.

Once construction commences, it’s expected to take 28 months to complete.