Developer Breaks Ground on Pair of Rental Projects in Florida Treasure Coast City
South Florida developer 13th Floor Homes has broken ground on a pair of rental developments in Port St. Lucie on Florida’s Treasure Coast.
The two projects are Villas of Torino, which includes 126 single-family rental townhouses that range between three and four bedrooms. Villas of Torino’s first homes are slated to open in spring 2024, with pre-leasing beginning this month. Rents begin at $2,700, with the project located at 5600 NW Coventry Circle.
The second project, Tredici at Central Park, is a gated community located in the master- planned Central Park project being developed by Kolter Land. Tredici will consist of 220 single-family three- and four-bedroom rental townhouses, with pre-leasing expected to begin early next year. The homes are anticipated to open over the summer of 2024, with rents yet to be announced and the project located at 9530 SW Valletta Way.
Bank Hapoalim provided a $27 million construction loan for Villas at Torino. Financing for Tredici at Central Park was provided by First Horizon Bank.
The two projects mark 13th Floor Homes’ entrance into the Port St. Lucie market as well as the debut of the homebuilder’s single-family home rental platform, said Michael Nunziata, the division president of 13th Floor Homes.
Port St. Lucie is located in St. Lucie County, one of the three counties comprising Florida’s Treasure Coast alongside Indian River and Martin counties. The area developed the name in the 1960s and 1970s as a result of the ruins of Spanish treasure ships scattered around the coast. Despite the area’s slower pace of life, it has grown considerably alongside the rest of the state with in-migration from other parts of the country after 2020. It has even led to Brightline announcing the development of a new station in the area.
Villas of Torino and Tredici at Central Park are some of the most recent developments being developed by 13th Floor Homes, with other projects at various stages of development in Fort Lauderdale, Delray Beach, Tamarac and Sarasota.