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.

"We like the proximity to downtown, and the lot size provides ample space for townhomes," he said, noting the property can accommodate up to eight units.

The 646-square-foot window-service restaurant building has been completely gutted with kitchen equipment, outdoor picnic tables, and signs removed.

A chalkboard menu still stands, advertising the once-popular hot dogs, ice cream, milkshakes, and nostalgic house-made root beer floats.

The building was constructed in 1947, first operating as a Dairy Queen before the name was changed in 1969, as the owners didn't want to pay Dairy Queen's franchise fee, according to a Tampa Bay Times article.

Paul and Beth Johnson, who also own Old Farmer’s Creamery on 4th Street North, took over Dairy Inn nearly nine years ago and started renovating the building last year.

Although the ice cream stand closed, the duo announced on social media their plans to relocate the business. However, a new location has yet to be announced.

The demolition permits for the building are processing, according to current city records. Vance said he will not seek any variances and hopes to get shovels in the ground within the next eight or nine months.  

The townhomes, dubbed The Brentwood Villas, will each be 2,864 square feet and fully customizable.

"These will not be cookie-cutter homes. Buyers can pick out the wood flooring, the color of cabinets, a wet bar addition, and other upgrades," Vance said.

The townhomes will have three bedrooms and three-and-half bathrooms with 12-foot ceilings, two-car garages, and rooftop terraces.

"There's also a flex room in the garage with a private bathroom and shower that residents can convert into a gym or office," Vance said.  

Additionally, every townhome has a standard private elevator.

Pricing will start at $1.6 million.

Construction on the townhomes is expected to take 14 months to complete.

While Vance purchased the Dairy Inn site from the Johnsons, he is also working with them as their listing agent for the Old Farmer's Creamery property for sale at 2531 4th Street North, which is on the market with an asking price of $4.3 million.