Five groups submit proposals to redevelop 800 1st Avenue South in downtown St. Pete
/
Five groups have submitted proposals to redevelop a city-owned parking lot at 800 1st Avenue South in downtown St. Pete.
In early August, the City of St. Petersburg received an unsolicited offer to purchase the city-owned block at the corner of 1st Avenue South and 8th Street. Moffitt Cancer Center along with United Insurance Holdings Corp. (UPC) and master developer TPA Group offered to purchase the 4.59-acre site to develop a mixed-use project which would include a cancer care center, a development pad for a future headquarters building for UPC, a 30-story residential building, and a public parking garage.
Following the unsolicited offer, the City invited alternative proposals to purchase and develop the site. Proposals were due on September 15th. In addition to the unsolicited offer from Moffitt and UPC, the City received five additional submissions.
Apogee Real Estate Partners
St. Pete-based Apogee Real Estate Partners, which is led by John Stadler and John Barkett, have teamed up with Tampa-based Baker Barrios Architects on a mixed-use plan that would offer the City two development alternatives.
Apogee’s option A site plan proposal.
Under the first scenario, Apogee would team up with Moffitt Cancer Center to build a 75,000 square foot standalone medical office building along with a 240,000 square foot Class A office building. A development pad for a future 125-key hotel would also be provided. The buildings would wrap a 1,291-space parking garage of which at least 960 would be available to the public from 6PM to 6AM during the week and 24/7 on the weekends.
The plan also honors UPC’s current parking lease between the City and UPC. Currently UPC has a long-term lease on the city-owned surface parking lot on the southwest corner of the site.
Under this scenario Apogee would purchase the land for $5 million.
An alternative development plan would swap the office building for a 25-story, 350-unit multifamily tower. At least 10% of the building, or 35 units, would be income-restricted workforce housing. The parking garage would shrink to 815 spaces to accommodate lower parking needs. Under this scenario Apogee would purchase the land for $12 million.
Apogee sees the Class A office space in first development alternative as key to attracting businesses to downtown. Developing new office space to attract jobs downtown has been a primary goal of the City’s Economic Development Corporation (EDC).
Trammell Crow Residential
A rendering of Trammell Crow’s proposed residential building.
As reported by St. Pete Catalyst, Texas-based Trammell Crow Residential, has proposed a 400-unit apartment development featuring 11,000 square feet of ground floor retail space. Retail space would front the Pinellas Trail along 1st Avenue South. At least 30% of the apartments, or 120 units, would be income-restricted workforce housing for those earning the area median income.
The building would contain studios, one-bedroom, and two-bedroom units ranging from 750 square feet to 1,100 square feet.
The six-story, $120 million project would utilize 2.51-acres of the site and would not require the vacation of 2nd Avenue South between 8th Street and Dr. MLK Jr. Street – a differentiator compared to other proposals. The building would wrap a precast parking structure that would include some public parking.
If selected, Trammell Crow hopes to complete the project by mid-2023. Trammell Crow is offering $16 million for the property, which includes only the 800 1st Avenue South block, allowing a future redevelopment on the city-owned parking lot west of UPC Insurance’s current building.
Related Group
Related Group previously developed Icon Central at 855 central Avenue
Miami-based Related Group, which previously developed Icon Central, a 368-unit development at 855 Central Avenue, has submitted a proposal to develop a new multifamily tower at 800 1st Avenue South. The development would be 15 stories with at least 360 units and would include ground floor retail. A minimum of 12.5% of the apartments, or at least 45 units, would be income-restricted workforce housing.
A second phase of the project would include an “iconic” 100,000 square foot Class A office tower and a boutique hotel over a podium garage on the surface parking lot at 2nd Avenue South and Dr. MLK Jr. Street. Related plans to consider working with UPC Insurance to accommodate their office needs.
Related Group is offering $15 million for the property.
Porter Development
Porter Development, which previously had proposed a mixed-use development on the former Raytheon site in west St. Petersburg has proposed a residential project on the site. Their proposal offers two options: the first option would be 100% market rate housing while the second option would include a minimum of 100 affordable housing units. The workforce housing units would be split evenly between residents making up to 80% of the area median income and residents making up to 120% of the area median income.
Under the first option, Porter would pay the City $8.5 million for the property while they would pay $6.5 million if the second option is selected.
Mill Creek Residential
Mill Creek is currently working on a 20-story residential project at 201 17th Street South
Mill Creek Residential Trust, a Boca Raton-based real estate developer, has proposed purchasing the lot to develop a residential community with a minimum of 284-units with ground floor retail, parking, and related amenities.
Mill Creek, which previously developed Modera Prime 235, now known as Cottonwood Bayview, at 235 3rd Avenue North, has generally built high-rise apartment towers under its “Modera” brand. The group is currently in the works on a 20-story residential tower on the west side of downtown at 201 17th Street South.
Mill Creek has offered to pay the City $10 million for the property.
The City hopes to move forward with selecting a proposal as soon as possible. Once a proposal is selected, the city will then negotiate the terms of the sale. Once terms are agreed upon, the agreement would need to be approved before City Council.
More information on these proposals can be found on the City’s website.
