via the Tampa Bay Times:

ST. PETERSBURG — Builders will break ground soon on a downtown apartment building the size of a city block, adding to a flood of new rental construction in an area developers are betting is a gold mine of young urbanites.

Allen Morris Residential said Wednesday it would start construction in July on eight stories of apartments planned for 700 First Ave. S, where the Coral Gables development firm just bought 2 acres for $5.25 million in cash.