Third Lake offers to purchase 1.5 acres of city-owned land in downtown St. Pete
/Third Lake Partners, a Tampa-based investment advisory firm, has offered to purchase a prime downtown property from the City of St. Pete. The 1.53-acre parcel is located on the southwest corner of 800 1st Avenue South, directly west of UPC Insurance’s former headquarters building, which Third Lake purchased in 2022 for $10.5 million.
The property, which is currently a surface parking lot, was once part of a $200 million mixed-use proposal that would have included a 75,000-square-foot Moffitt Cancer Center, a 30-story residential tower, and a 14-story hotel.
However, Mayor Ken Welch rejected the deal in 2022 citing inadequate affordable and workforce housing. The developers had proposed designating 17.5% of the residential units as affordable and workforce housing, but Welch wanted at least 30% to be deemed affordable.
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