An 11-story storm-damaged building in the heart of downtown St. Pete is one step closer to being demolished and redeveloped into a 16-story boutique hotel after receiving its first approval from the city.

St. Pete City Council, meeting as the Community Redevelopment Agency (CRA), found the proposed plan to demolish the 100-year-old building at 300 Central Avenue and construct a 16-story tower with 74 hotel rooms and 4,000 square feet of commercial space consistent with the City’s Intown Redevelopment Plan.

The existing structure, historically known as the Smith Empire Building and called the Coronet 300 since 1966, was constructed in 1924 as a commercial building and later adapted for mixed-use residential purposes in the 1960s. The building is not listed on the Local or National Register of Historic Places.

Local entrepreneur and developer Steve Gianfilippo of Gianco Companies, who purchased the building in 2017, said the vacant structure suffered significant damage from Hurricanes Helene and Milton. Interim repairs will be made to ensure safety while plans for the new hotel are finalized.

After suffering significant damage from last year’s back-to-back hurricanes, a 10-story, 100-year-old building in downtown St. Pete is expected to be demolished and replaced with a boutique hotel.

Local entrepreneur and developer Steve Gianfilippo of Gianco Companies, who purchased the building at 300 Central Avenue in 2017, filed plans on Monday with the City of St. Pete for a 16-story hotel, named The Coronet, which will incorporate mid-century design elements reminiscent of the original structure.

The existing, vacant structure will undergo interim repairs while plans for the new hotel are being drawn up.

“In the seven years that I’ve owned the building, we’ve looked at a few different options,” said Gianfilippo in a conversation with St. Pete Rising. “At first, we considered turning it into fully furnished apartments. But with thousands of new apartments already planned or built recently, we saw a larger opportunity to bring a new boutique hotel to downtown St. Pete.”