Cantor Development

Living largeIn a depressed residential market, Signature Place rises above other condo developments, Fred Gordon learns. In Florida, a state currently undergoing a dismal residential market, where at least 75 percent of condominium towers sit in various stages of construction, some completed but most empty, Signature Place, a $170 million development by Tampa Bay-based Cantor Development in downtown St. Petersburg is in its final phase of construction and about 80 percent sold. Why?   ItÔÇÖs a high-end buildingÔÇöunits begin just under $500,000 and go to $7 million or moreÔÇöthat features an innovative design by a nationally renowned architect.ÔÇ£Perfection is achieved when the architect and the developer share a common vision,ÔÇØ says Joel Cantor, founder and CEO of Cantor Development, a division of Gulf Atlantic Real Estate. ÔÇ£We feel that good design makes living environments more valuable to buyers. In an era of look-alike condominium towers, our level of design, architecture and lifestyle will catapult the Signature condo development to landmark status. IÔÇÖve traveled the world, to at least 90 countries, to see what makes a city great, and IÔÇÖve come to the conclusion that itÔÇÖs art and architecture. This, along with a desire to improve peopleÔÇÖs lives, is the foundation for Gulf Atlantic.ÔÇØ Established in 1989, the company is one of the largest private real estate firms in this region of Florida, with holdings on both coasts, including luxury residential, mixed use and apartment developments, office and medical buildings, and retail shopping plazas. Cantor earned an MBA from the Wharton School at the University of Pennsylvania, majoring in real estate and finance. His financial skills were developed while employed with Chase Manhattan Bank in its international department in New York City, and in the real estate department of Salomon Brothers on Wall Street, where he structured mortgage back securities in their mortgage finance unit. He expanded his development knowledge at the Trammell Crow Company in Tampa, where he structured a financing package to construct the $84 million Florida Aquarium in that city. ÔÇ£Gulf Atlantic Real Estate is a long-term owner, and on average we hold our properties for seven to ten years,ÔÇØ he says. ÔÇ£Although the marketplace puts a premium on fully stabilized real estate assets, Gulf Atlantic generally tends to emphasize assets with a good location that require significant upgrading, an alternative use, and/or substantial leasing.ÔÇØAt 372 feet, Signature Place, with its oddly triangular shape and rippling glass fa├ºade, is the tallest condo tower in Pinellas County. Its street-level urban plaza includes 60,000 square feet of retail and commercial space, and it offers residents and the public at large a parklike setting within the busy downtown area. The 36-story, 244-unit building features an 80-foot, six-story waterfall, a large reflecting pool, an elegant date palm bosque, an outdoor shaded eating area, a sloped lawn viewing area, and contemporary benches and tablesÔÇöintegration within the community. The top three levels contain penthouse units up to 4,000 square feet each. On the roof are a sky garden, a putting green and an infinity pool. The building includes 37,000 square feet of office space, a 37,000-square-foot recreational deck on the third floor, and a 75,000-square-foot amenities floor.The architect, Ralph Johnson, is a graduate of Harvard University Graduate School of Design and is one of the top architects in the United States. HeÔÇÖs been at Perkins + Will for 30 years and is currently the firmÔÇÖs principal and design director. In the past decade alone, his buildings have been celebrated with over 30 design awards, including five national Honor Awards and more than two dozen regional Honor Awards from the American Institute of Architects (AIA). The general contractor on the project is Bovis Lend Lease, and the landscape design firm EDAW is responsible for the urban plaza and the sky garden. The building is slated for opening in April 2009.┬á