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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Demolition is expected to begin in October at the James B. Sanderlin Neighborhood Family Center in south St. Pete, clearing the way for a $25 million, 40,000-square-foot building designed to expand the nonprofit’s education and family-support services.
The new facility at 2335 22nd Avenue South will replace the aging, 25,000-square-foot building, which was never designed to accommodate the center’s current programs.
The organization offers pre-kindergarten, after-school tutoring, job training, weekly food distribution, and financial-literacy programs for students and their parents.
At a groundbreaking ceremony on Tuesday, Executive Director Celeste Collins said the project is personal to her. Before leading the organization, she brought her own children to the center as a parent.
“When we talk about creating a space for families, I know what we are talking about because I’ve been on the other side of the fence as a parent,” Collins said.