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Project Update: 1000 First Avenue North, St. Petersburg, Florida

Recent Highlights (as of July 2023)

1000 First Avenue North, St. Petersburg, Florida

Project Overview

We have consolidated several parcels, comprising 1.6-acres of land (previously referred to as 902-1020 First Avenue North, St. Petersburg, Florida) into a single parcel, 1000 First Avenue North, St. Petersburg, Florida (“1000 First”). 1000 First is being developed into a 15-story high-rise building named “Viv.” Viv will be comprised of two 11-story residential towers above a 4-story parking garage, featuring approximately 269-apartment homes consisting of studio, one-bedroom, two-bedroom and three-bedroom units, with approximately 15,500 square feet of retail space located on the first level. We currently anticipate amenities will include a clubroom, fitness center, courtyard with a swimming pool, shared working space and a leasing office.

Location Overview

1000 First is located in the downtown district of St. Petersburg, one mile west of Tampa Bay and the downtown waterfront district and features direct access to downtown amenities such as public parking, restaurants, museums and cultural sites.

Construction Progress

Viv is steadily advancing, with significant progress in site work. To date, we are approximately 55% complete with deep foundation work. This work includes auger pile installation which have been installed at depths of 65 feet to 105 feet. These piles form the foundation of the structure. The on-site RSI (Reinforcing Steel Installer) is actively engaged in laying out and chipping piles, a pivotal step in the construction process. Furthermore, forming and reinforcing of the foundation pile caps have commenced.


Photo: Site work progresses at Viv at 1000 First

In preparation for the next phases, temporary power locations have been prepped and stand ready for the electric company to deliver temporary transformers. This proactive approach should ensure a seamless power supply during the construction process, facilitating smooth operations on-site.

Photo: Underground electrical conduit being installed.

The critical installation of underground conduits is in progress, providing essential pathways for electrical and communication systems throughout the building.

Simultaneously, construction work is underway for the tower crane bases. Setting the stage for the much-anticipated tower crane erection which is scheduled to begin in Q3 2023. This event will mark a significant advancement in the construction process.

Important Information and Qualifications

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the current views of Belpointe PREP. LLC (“Belpointe OZ”) with respect to, among other things, our expectations regarding construction timelines and costs, our future results of operations and financial performance. Estimates, projections and other forward-looking statements can typically be identified by words and phrases such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” or the negative of such words and other comparable terminology. However, the absence of these words does not mean that a statement is not forward-looking. Any forward-looking statement expressing an expectation or belief as to future events is expressed in good faith and believed to be reasonable at the time such forward-looking statement was made. However, these statements are not guarantees of future events and involve risks, uncertainties and other factors beyond Belpointe OZ’s control. Therefore, we caution you against relying on any forward-looking statements. Actual outcomes and results may differ materially from what is expressed in any forward-looking statement. Except as required by applicable law, including federal securities laws, Belpointe OZ does not intend to update any forward-looking statements to conform them to actual results or revised expectations.

©2023 Belpointe PREP, LLC. All rights reserved.

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