21-story luxury condo tower approved for former Fit2Run site in downtown St. Pete
/Rendering of Kolter Group’s proposed 21-story, 62-unit condo tower in downtown St. Pete | Kolter Group
Plans to build a 14-story hotel on a prominent half-acre site in downtown St. Pete have been replaced with a new proposal for a 21-story luxury condominium tower.
The city’s Development Review Services Division this week administratively approved a $60 million condominium project for a 0.53-acre site at 232 and 256 2nd Street North, located across the street from the Sundial shopping center and AMC movie theater.
Proposed by Kolter Group, one of the city’s most prominent high-rise developers, the new tower will feature 62 residences, 7,600 square feet of commercial space for a private membership club, and a 133-space parking garage, more than double the 62 spaces required by code.
Kolter Group bought the property for $7.5 million in late 2021.
The site previously contained a surface parking lot and a nearly 90-year-old building that housed Fit2Run, the running specialty store that relocated to a larger storefront at 801 Central Avenue in 2024.
The Fit2Run building was demolished in March.
A 21-story 62-unit condo tower has been approved for 232 and 256 2nd Street North in downtown St. Pete | Google Maps
In April 2023, the site was approved for a 14-story, 192-room Tempo by Hilton hotel with a 127-space garage. Kolter has shifted away from those plans due to current market conditions.
An earlier 2022 proposal, a joint venture with Ally Capital Group that would have demolished the adjacent Exchange Hotel, called for a 35-story residential tower paired with a 13-story hotel. The proposal was rescinded before receiving approval.
Designed by Coral Gables-based 10 Design, the new condo tower will stand 260 feet tall, nearly 90 feet taller than the previously approved hotel.
New renderings show the building and its open space oriented toward 2nd Street North and 3rd Avenue North, with a ground-floor lobby, commercial space, and a drop-off area along 2nd Street. Several floors of screened parking sit above the ground floor.
A residential amenity deck will be located on the sixth level, with residences stacked above. Units will feature large balconies and floor-to-ceiling windows with panoramic views of the downtown skyline.
rendering of the east side of the proposed 21-story condo tower fronting 2nd Street North in downtown St. pete | Kolter Group
The 133-space parking garage will be accessed from 3rd Avenue North and the alley on the south side of the property. The project also includes 66 bicycle parking spaces: 62 long-term spots inside the building and four short-term spots along the street frontage.
The property sits within the Downtown Center-1 (DC-1) zoning district, which regulates density through floor area ratio (FAR).
FAR measures how much total building space can be constructed on a site relative to the size of the property.
The DC-1 zoning district allows projects with an FAR of up to 3.0 by right. Projects designed with an FAR between 3.0 and 7.0 can be approved through the city’s streamlined approval process, while projects exceeding 7.0 FAR require approval through a public hearing process.
Kolter’s newly proposed condo tower is designed at 7.0 FAR, utilizing 4.0 FAR in bonuses and representing an increase from the previously approved hotel’s 4.31 FAR.
These bonuses include a 1.0 FAR bonus for contributing to the city’s Housing Capital Improvements Projects (HCIP) trust fund to support workforce housing, a 0.5 FAR bonus from the purchase of transfer of development rights (TDRs) from a locally designated landmark site, and an additional 2.5 FAR through a combination of eligible bonuses such as workforce housing support, historic TDRs, LEED certification or equivalent, streetscape improvements, or added open space.
Site plan for Kolter Group’s proposed 21-story condo tower | Kolter Group
One condition that carries over from the prior approval is the preservation of the large live oak at the northeast corner of 3rd Avenue North. To protect the tree, the developers will be granted a sidewalk variance reducing the walkway width at that corner from 10 feet to 5 feet.
The formal project name and construction timeline have not been announced.
The tower would be the latest addition to Kolter Group's expanding Tampa Bay portfolio. The group has built several luxury high-rises in downtown St. Pete, including Saltaire, Art House, and One St. Petersburg, and is currently constructing One Tampa, set to become Tampa's tallest residential tower.
Kolter Group also recently purchased the Hilton St. Petersburg Bayfront at 333 First Street SE for $96 million. The 15-story hotel is expected to eventually be demolished to make way for another condo tower.
