Inside the 2025 Downtown Development Guide: Grappling with growth amid market headwinds
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New zoning changes, the sweeping rise of commercial and residential development, and the promise of revitalizing neighborhoods are molding the ever-evolving identity of the Sunshine City.
This Tuesday, the St. Petersburg Downtown Partnership released its 2025 Downtown St. Pete Development Guide, an annual resource tool providing a snapshot of the latest economic and commercial activity to encourage public and private stakeholders to spur healthy growth in the area.
"The data, trends, and projects on the horizon really comprise the blueprint for how we continue to grow with purpose, intention, and resilience," Mayor Ken Welch said during the Partnership's Development Summit hosted at the new EDGE Collective office building next to the Moxy Hotel.
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Construction crews have completed demolition of the former UPC Insurance headquarters in downtown St. Pete, clearing the three-acre site for two 31-story apartment towers with 824 apartments and more than 30,000 square feet of retail space.
The 40,000-square-foot office building at 800 2nd Avenue South most recently served as a temporary office for the Tampa Bay Rays after Hurricane Milton damaged Tropicana Field.
UPC Insurance, which once occupied the building as its corporate headquarters, was placed into liquidation in 2023.
St. Pete-based Echelon, in partnership with Third Lake Partners, will develop the $225 million project, which will span more than 1.7 million square feet.
While shorter than the 46-story Residences at 400 Central, the two-tower development will contain more total floor area. At 343 feet, the towers will become the tallest buildings west of 5th Street and rank among downtown St. Pete’s 10 tallest structures.