St. Pete's iconic Dairy Inn ice cream shop, which closed its doors in November after operating for 76 years in Crescent Lake, will be razed for a new residential development.

Local real estate investor Everett Vance, owner of The Vance Group and broker at Premier Properties, plans to build six modern luxury townhomes on the corner lot at 1201 Martin Luther King Jr. Street North.

He purchased the site in December for $740,000.

"For me, this will be my first multi-family project. I typically work on single-family homes," Vance said in a conversation with St. Pete Rising.