Downtown St. Pete development site near Central Avenue hits the market
/The office property listed for sale is surrounded by apartments and offices in downtown st. petersburg | Loopnet
A redevelopment site in the heart of downtown St. Petersburg has hit the market.
The property is located one block from Central Avenue at 125 5th Street South and sits across the street from the 46-story Residences at 400 Central building, which is slated to be completed later this year. The parcel currently houses an 11,357-square-foot office building anchored by Wells Fargo Bank.
“This property has generated a lot of interest from developers over the past few years who wanted to redevelop the property into a high-rise tower,” Vector Commercial Real Estate Services Broker Blakemore Kearney said to St. Pete Rising.
The two-story building contructed in 1979 is leased by wells fargo bank. vector has offices on the second floor | Google Maps
The 0.71-acre site, which includes a 23-space surface parking lot, is zoned Downtown Center-1 (DC-1), allowing for significant density and flexible mixed-use development, according to the Loopnet listing.
Vector Commercial Real Estate Services, whose principals own the property, have not specified an asking price for the land.
“Land is scarce for high-density development,” Kearney said. “With every new tower that is built downtown, there is one less developable lot available.”
Wells Fargo Bank's lease expires in June and will not renew their lease. Vector Commercial Real Estate, which has offices on the second floor, will relocate following a sale.
The property is in close proximity to the Florida holocaust museum, tropicana field, and other downtown destinations | Loopnet
The property shares a city block with the 16-story Lutheran Apartments, a 65-and-older age-restricted residential building.
The units at the Lutheran Apartments face north and south thus, a high-rise development wouldn't block neighboring resident’s views, Kearney said.
Although the property has only been on the market for less than a week, the Vector team has already received calls from several developers.
Those interested in more information about the redevelopment site can view the listing here.
