This article was updated with additional information from the developer as of December 23rd at 11:08 AM.

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.

The $170 million project will top out at 357-feet and will contain 357 market-rate rental units and a 172-key hotel. The developer has also confirmed the hotel will be an AC Hotel by Marriott.

A  new rendering of the project shows a modern residential tower on the south side of the property, fronting 1st Avenue North, with jagged glass balconies. The hotel component of the project will occupy most of the eastern side of the block, with four floors of hotel rooms fronting 2nd Street North and an additional three floors atop the parking podium. 

According to the site plan documents, which were approved by the City in July 2019, amenities for the project include a shared sixth floor indoor and outdoor deck that will feature a fitness center and pool, as well as a 36th floor roof deck that will provide an additional pool and amenity space. The 8-story hotel will also feature a meeting area and rooftop bar.

Just over 8,200 square feet of ground floor retail space will be incorporated along 1st Avenue North and on the corner of 2nd Street and Sunshine Lane. The base of the building will contain four levels of parking which will accommodate 508 parking spaces and 372 bicycle spaces.

With construction imminent, it’s interesting to look back on the history of the site. Over the years, numerous developers have filed proposals for the property, but none have come to fruition. As downtown flourished and grew around it, this grassy lot has sat vacant for 17 years.

The City originally sold the land to Richard Kessler, who helped found the Days Inn chain, for $3.3 million back in 2004. Kessler’s plan was to construct a 28-story Grand Bohemian Hotel & Residences. The hotel and condominiums tower was to be the crown jewel of downtown St. Pete and would have been one of the first true luxury hotels in Tampa Bay.

However, as the economy slid into a recession, Kessler cancelled his plans and ended up selling the land to David A. Mack Properties and Greenfield Partners in 2015 for $8.75 million. In 2016, Mack proposed a 35-story apartment tower which was to be named Halcyon, but ultimately that project struggled to get financing.

And that brings us to the present, where Greystar has now acquired the property from David A. Mack Properties and Greenfield Partners. With financing lined up, we are hopeful that Greystar will successfully break ground on Ascent in the first quarter of 2021.

The Marriott hotel is expected to be operational by Q4 2022 and the first residential units will be ready for move-in by Q1 2023.