The historic Tampa Bay Times building at 490 First Avenue South in downtown St. Petersburg | costar

Two prominent properties in the heart of downtown St. Petersburg have sold for a combined $32.5 million, with plans for a high-rise condominium tower on the site.

Naples-based Stock Development, a family-owned luxury real estate development and homebuilding company, has purchased the 490 First Avenue South tower, formerly home to the Tampa Bay Times, and the historic Tramor Cafeteria building at 123 4th Street South, most recently occupied by Hofbräuhaus St. Petersburg.

The two properties together comprise 1.8 acres.

"We're excited to continue expanding our brand and remain confident in St. Petersburg and the Tampa Bay region," Keith Gelder, president of Stock Development, said in a conversation with St. Pete Rising. "We look forward to bringing a signature project to the market."

Stock Development plans to demolish the former Times building and redevelop the combined site as a high-rise condominium tower with ground-floor commercial space. Office uses may also be incorporated into the project.

The company is currently developing The Ritz-Carlton Residences in Naples, a 128-unit luxury waterfront condominium project.

The company has also unveiled plans for a mixed-use residential tower in downtown Tampa that could rise between 40 and 50 stories and include hotel rooms alongside a residential component.

An aerial of the two properties Stock development has purchased | Google Maps/st. pete rising

The site sits directly across the street from the Residences at 400 Central, the 46-story condominium tower that currently stands as St. Petersburg's tallest building.

The Times property was listed for sale after Hurricane Milton's winds caused a construction crane at 400 Central to collapse into the structure in October 2024, rendering it uninhabitable.

Stock Development purchased the building for $18 million, according to a source familiar with the transaction.

The eight-story, 240,000-square-foot complex consists of three integrated buildings, with the original structure built in 1924 and additions completed in 1968 and 1988.

Stock Development also acquired the historic Tramor Cafeteria property for $14.5 million, according to a deed recorded Friday.

The property is one of downtown St. Petersburg's oldest surviving commercial structures and has played a prominent role in the city's history for nearly a century.

The property’s previous owner, Nuri Erol, purchased the 15,826-square-foot property in December 2021 for $7.1 million.

Constructed in 1929, the building opened as Bob's Cafeteria, was later renamed the Tramor Cafeteria, and eventually served as a staff cafeteria for the Tampa Bay Times. The original interior features Spanish-Mediterranean architecture and ceiling trusses repurposed from a 1920s airport hangar.

In 2015, Hofbrauhaus, modeled after the legendary beer hall in Munich, Germany, opened in the space. It closed in 2020 after failing to pay rent.

the former Hofbrauhaus German restaurant at 123 4th Street South | costar

Erol purchased the property with plans to convert it into a food hall, but the project never moved forward.

He later leased the building to an upscale indoor golf lounge and restaurant concept, though those plans also failed to materialize.

Demolition of the former Times building is expected to begin as soon as possible, with utility relocation to be completed as part of that process.

The Hofbrauhaus building, however, is a designated historic structure, which prohibits demolition.

Stock Development plans to work with historic preservation officials to determine how it can be incorporated into the broader redevelopment.

While a branded condominium project could ultimately be pursued for the site, company officials said it is too early to discuss branding or specific project details.

The properties are zoned DC-1, one of the city's densest zoning designations, allowing substantial height and density while giving the developer significant flexibility in designing the project.

This is a developing story. Stay tuned to St. Pete Rising as we continue to learn more about plans for this project.