St. Pete Developer Becomes Florida’s First Real Estate Development B Corp
/Real estate developers are often criticized for not respecting the fabric of existing communities and for being too profit-driven. It is these issues, among others, that often lead to neighborhood groups and residents opposing new development, particularly when a project is being proposed by an out-of-town developer.
But one local developer hopes to change these notions by giving back to the community and encouraging other businesses to do the same. Salt Palm Development, located at 3446 1st Avenue North in St. Pete, was recently certified as the first B Corp real estate development company in the southeastern United States.
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A 16-story apartment tower has been proposed across from the University of South Florida St. Petersburg campus, replacing a larger project approved for the same property last year.
The proposed development would rise at 446 4th Street South, at the northeast corner of 5th Avenue South and 4th Street South.
The 0.7-acre property is currently home to a 105-year-old commercial building previously occupied by Fresenius Kidney Care American Dialysis Center and an adjacent surface parking lot.
The project, which would be developed by Charleston, South Carolina-based The Beach Company, will contain 165 apartments, approximately 3,200 square feet of ground-floor retail space, a 176-space parking garage, and 178 bicycle spaces.
It’s a significant change from the development St. Petersburg City Council approved for the site in February 2025.