New mixed-use tower being planned for site of 12-story office building in downtown St. Pete
/A prime parcel in downtown St. Petersburg could soon be redeveloped, according to a notice sent this morning to tenants of the City Center office building at 100 2nd Avenue South.
A potential redevelopment of the site would include demolishing the existing six-story parking structure, which would free up approximately an acre of land for a potential mixed-use tower. The redevelopment would not impact the existing office tower on the site.
The 12-story office building is owned through a joint venture by City Office REIT, Feldman Equities, and Tower Realty Partners. The owners recently announced plans for a multi-million dollar renovation to City Center’s atrium lobby, entrances, and landscaping.
The 242,115-square-foot Class A office building sits on nearly a full city block fronting 2nd Avenue South between 1st Street and 2nd Street. The parcel is located in Downtown Center-1 (DC-1) zoning which allows for intense mixed-use development and a maximum floor area ratio (FAR) of 7.0 with no height restrictions.
Given recent development trends in downtown St. Pete, the potential mixed-use tower could include luxury condominium units, Class A office space, and/or ground floor retail.
The potential development site is adjacent to the newly-completed Saltaire condominium building, a 35-story tower with 192 units, at 300 1st Street South. Saltaire was developed by Kolter Group, which also built ONE St. Petersburg and is currently under construction on Art House.
The owners of City Center note that nothing is finalized nor assured, and they have not committed to redeveloping the site.
“Any new development on the site of the parking garage would include new restaurants and shops that will greatly enhance nearby amenities for City Center tenants,” according to City Center management in the notice obtained by St. Pete Rising.
A redevelopment of the site would include a new parking garage for existing office tenants as well as for the users of the new development. During construction, alternative parking options would be made available to tenants including valet parking.
“As we continue to explore this possibility, please know that ownership and the management team will ensure the safe and convenient continued operation of the City Center buildings,” says City Center management. “We are looking forward to reaching out with more information over the coming months.”
A timeline for construction has not been released.
