St. Pete's commercial properties in demand | Business

St. Petersburg, Florida -- There are plenty of projects planned for construction in St. Petersburg. In fact, to date, there have been close to 14,000 building permits issued in fiscal 2012 which has been the last 9 months.

Construction value has increased as well. With a quarter of the fiscal year still remaining and $232 million in current construction values permitted, fiscal year 2012 should be the highest on record since 2007.

"Blue Chip", the online map service developed by the City of St. Petersburg, has seen increased activity as it identifies prime real estate properties available for development and investor interest.

Since the site launched back in November 2011, eight of the initial 16 Blue Chip properties have sold, with two additional sites under contract for purchase. Blue Chip features 18 prime sites, totaling 362 acres, with an approximate market value of $61 million.

"St. Petersburg is one of the best kept secrets in the Southeast, and the rise in permitting and Blue Chip site activity are examples of the city being poised for major new investment, job growth, and community development opportunities," said Mayor Bill Foster.