36-story apartment and hotel tower prepares to break ground in downtown St. Pete
/Ascent St. Petersburg, a 36-story mixed-use building planned for the northwest corner of 2nd Street and 1st Avenue North in downtown St. Pete, took a huge step forward last Friday. The developer of the project, Greystar Real Estate Partners, simultaneously closed on the land and two construction loans.
The 1.26-acre tract of land sold for just under $15.1 million, or about $12.0 million per acre. The transaction represents one of the highest prices per acre ever paid for land in downtown St. Pete.
The recent record price for land in downtown belongs to Kolter Group for their purchase of a parking lot next to the Hilton St. Petersburg Bayfront hotel. That sale, which occurred in October 2019, hit $12.2 million per acre. Saltaire, a 35-story condominium tower, is currently under construction on that site.
One day after Greystar closed on the land for Ascent, a fence was erected around the perimeter of the site, which is situated adjacent to the 16-story Duke Energy building and across the street from the Jannus Block, downtown’s hub for nightlife. Site preparations have already begun, and vertical construction is slated to ramp up in the new year.
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What began with bouquets at Tampa Bay markets is becoming a place designed to carry people through the day, from morning coffee and flower arranging to wine and small plates in the evening.
Florafête Bouquet Bar, a floral design business founded by Lucy Watkins, plans to open this fall at 400 Beach Drive in downtown St. Pete.
The shop will bring custom arrangements, a build-your-own bouquet bar, retail goods, and a nine-seat wine and coffee bar together under one roof.
The space was previously occupied by Savory Spice Shop, which permanently closed in 2024.
Watkins, a Miami native with decades of hospitality experience, said the concept grew out of an encounter with flower carts while visiting her hometown in 2021.
“At the time, I was just visiting Miami when I saw flower carts not only selling single-stem flowers but also creating full bouquets for people on the street,” Watkins said.
Flower carts are a familiar sight in Miami, which serves as the country’s primary air gateway for imported flowers. Miami International Airport says it handled 91% of U.S. flower imports arriving by air in 2025, with many cut blooms coming from production centers in Colombia and Ecuador.