22-story residential building approved for 3rd Avenue South in downtown St. Pete
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The City of St. Petersburg’s Community Redevelopment Agency has approved a 22-story residential building proposed for 511 3rd Avenue South, currently home to an office building, a surface parking lot, and undeveloped land.
The property is owned by a subsidiary of EquiAlt LLC, a financial management company headquartered in Tampa.
In 2020, the company was accused by the U.S. Securities and Exchange Commission of perpetuating a $170 million Ponzi scheme and misappropriating investors’ money. That case, Securities and Exchange Commission v. EquiAlt LLC. et al., is a civil action that resulted in EquiAlt going through a receivership process to return investors’ funds.
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St. Petersburg has a rule that protects our waterfront. If the city wants to lease public waterfront land for longer than a short term, voters decide. That rule is worth keeping, and a "yes" vote on Charter Amendment #2 does not weaken it.
Here is what it changes. Under the City Charter, Port leases are capped at 10 years unless voters approve more in a citywide referendum. Charter Amendment 2 would raise that cap to 25 years, the same limit Albert Whitted Airport has had since 2004, when voters raised it from five years. Giving the Port the same terms as its neighbor is sensible.
Here is what it does not change. The ballot language says the amendment "would not change the permitted use of the Port." It does not approve residential development at the site, and it does not approve any redevelopment of the Port. It changes one number, the maximum lease length. Every lease would still go through the city administration and City Council. The amendment does not hand anyone a blank check. It lets the city negotiate from a stronger position.