28-story apartment tower approved for Exchange Hotel site in downtown St. Pete
/Last week, St. Petersburg’s Development Review Commission approved plans for a 28-story development slated for the site of the Exchange Hotel, formerly known as Hotel Indigo, located at 234 3rd Avenue North.
The plans were filed by Ally MW, LLC, an entity controlled by Ally Capital Group, a Tampa-based investment firm, which is led by Andrew Wright, the founder of Franklin Street.
Ally acquired the Hotel Indigo in 2020 at bankruptcy court for $7.4 million. The property was subsequently renovated into the Exchange Hotel.
Designed by St. Pete-based Behar + Peteranecz, the proposed residential tower will boast 327 units and a 325-space parking garage.
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