St. Pete Pier Debate Continues

images-1The controversy continues to build in St Pete as opposition against the closure of the pier gains momentum.

The pier referred to by local residents as St Pete’s Pier, is considered to be the one of the major landmarks of the area. It has stood since 1889 and has continued to be developed ever since. The pier is home to a number of businesses and hosts a great deal of the local community events such as music festivals, demonstrations and fairs. However in 2004 it was determined that substantial structural work was needed. This gave the local council an opportunity to simply renovate the existing pier or take the radical step of demolishing the old pier and constructing a completely new feature.

While campaigners argue the pros and cons of demolition and try to delay action, the closure date of the pier is still set for the end of May 2013. Should this go ahead, there are many businesses which would have to relocate from the pier and find alternative commercial premises.

Regardless of the outcome of this debate, this presents potential investors with a great opportunity in the area. Whether the pier is completely renovated or demolished and a new design reconstructed, the council is investing a significant amount of money to regenerate the pier area which will give the neighborhood a new lease of life.

This has given many potential real estate investors pause to investigate the area fully. The investment in the pier will give many surrounding neighborhoods rejuvenation and boost the residential and commercial property values significantly on completion. However many amateur investors are hesitant to commit while the debate rages. This could be a costly error as once plans are given the definitive go ahead and demolition of the pier is complete, the area will be under great investment scrutiny and many will jump on the bandwagon.

While the closure date is still set for the end of May, many campaigners are voicing concerns and councilors are proposing delaying the closure date until the matter can be resolved. Should the pier be demolished, the estimated date of completion for the new pier built to “The Lens” architectural designs approved by the council would be sometime in 2015. For anyone serious about investing in the real estate market of St Pete, it is certainly worth looking at the surrounding neighborhoods and making some decisions before this debate is resolved.

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