St. Pete eyes $600 million resiliency bond to tackle flooding and harden city infrastructure
/Heavy rainfall and storm surge have exposed serious vulnerabilities in St. Pete's aging infrastructure over the years, and the city is now asking whether a $600 million bond is the right tool to fix it faster.
Last Thursday, the City's Budget, Finance, and Taxation Committee discussed placing a General Obligation (GO) bond referendum on the November 2026 ballot.
The proceeds would fund a portion of projects under the St. Pete Agile Resilience (SPAR) program, a city-led initiative to accelerate flood protection, stormwater improvements, and utility system hardening before the next major storm arrives.
The $2.7 billion SPAR program, which will be set up regardless of a potential November referendum, will be funded through utility fees.
Without the bond, that work gets spread over 24 years through fiscal year 2050 as utility revenue accumulates.
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Plans have been revealed for two 44-story condominium towers at the site of the Hilton St. Petersburg Bayfront, in what would be one of the largest condo developments ever proposed for downtown St. Pete.
Delray Beach-based Kolter Urban recently circulated a site plan application to neighborhood and business associations outlining a $325 million redevelopment of the hotel property at 333 1st Street South.
If built as proposed, the towers would rise up to 509 feet. Only two existing or planned towers in St. Petersburg would be taller: the 515-foot Residences at 400 Central and the 539-foot Waldorf Astoria Residences planned at 150 2nd Avenue South.
The two new towers, which have been designed by 10 Design, would tie for the city’s third-tallest buildings, ahead of the 450-foot Art House and ONE St. Petersburg towers and the 408-foot Saltaire.
The proposal calls for 325 condo units, 17,988 square feet of commercial space, and a 519-space parking garage.
Kolter would also make 207 spaces in the adjacent Saltaire garage available to residents, for a total of 726 parking spaces.