Six months after announcing plans for a new development in downtown St. Petersburg, Clearwater-based Valor Capital is revealing new details for their mixed-use project planned for 344 4th Street South. 

The 25-story building will reach a height of 325-feet and will contain 152 dwelling units or hotel units along with 4,893 square feet of commercial space and a 130-space parking garage.

The base of the tower will include retail space and a residential lobby along with a 4,000 square foot open space plaza. A sky bar is proposed for the rooftop.

The building will function as a condo-hotel which is a hybrid between a condominium building and a hotel, with some of the units being occupied by long-term residents while others may be used as short-term rentals.  

The project is being designed to meet the city’s requirements for both multifamily residential and hotel uses.

“This allows for the units to change between permanent residential occupancy and short-term rentals, in order to meet market conditions and owner desires,” according to the project documents.

Gomez Vazquez International designed the building, which features modern architecture with large curving terraces and an ornamental base with lush landscaping. The building will also feature a decorative crown.

The half-acre property is located at the intersection of 4th Street South and 4th Avenue South and was assembled in a series of purchases that closed in 2022 for $5.2 million.

Valor Capital previously developed The SkyView condominiums at 412 Cleveland Street in downtown Clearwater and Serena by the Sea, an 80-unit project at 1020 Sunset Point Road, also in Clearwater.

The property is zoned Downtown Center-2 (DC-2) which allows for a base Floor Area Ratio (FAR) of 3.0 and a maximum 7.0 FAR. The project is utilizing bonuses of 4.0 FAR to reach the maximum 7.0 FAR. As part of these bonuses, Valor Capital will contribute to the city’s Housing Capital Improvements Projects (HCIP) trust fund to aid in the city’s workforce housing efforts.

Additional FAR bonuses include purchasing transfer of development rights (TDRs) from a locally designated landmark or landmark site with available TDRs and including additional open space in the building’s design.

The developer is seeking a variance to reduce the minimum drive aisle in the building’s parking garage from 24 feet to 22 feet. According to project documents, “this variance has been granted multiple times by the City and the City’s Transportation and Parking Management Department has previously confirmed that the proposed 22 ft width is acceptable.”

Pricing and a construction timeline for the development was not announced.  

Stay tuned to St. Pete Rising for future updates.