St. Pete City Council has approved revised plans for a $70 million mixed-use development at the southwest corner of 1st Ave North and Dr. MLK Jr. Street in St Pete’s EDGE District.

Developer Belpointe, which invests in Opportunity Zones, first announced plans for the project in early 2021.

Tentatively referred to as 1000 1st Avenue North, the development was set to feature two, 15-story apartment towers with a combined 254 rental units and 22,000 square feet of commercial space.

A new multifamily building has been proposed for the EDGE District in downtown St. Pete.

In October 2020, Belpointe, which invests in opportunity zones, closed on 1.6 acres at 1000 1st Avenue North for $12 million. The site is currently home to two small vacant office buildings, two surface parking lots and the former Shirley Ann Hotel, which has been vacant for three years.

Belpointe has announced plans for a development tentatively being referred to as 1000 1st Avenue North featuring two, 11-story apartment towers with a combined 256 rental units. The residential buildings will sit atop a four-story, pedestrian base that features 23,000 square feet of ground floor retail and 4,400 square feet of space for a leasing office and two resident lobbies.