The St. Petersburg Renaissance

If you read my post, “St. Pete is Booming,” you know that St. Petersburg is experiencing a construction and development boom across important commercial and municipal pillars.

Our city is experiencing a renaissance, and I couldn’t be more excited about the prospects.

For investors looking for opportunities, now is the time to look at St. Pete.

Here are just some of the commercial, multifamily, or public developments* under construction in our city.

• 5th Ave Residences is a 5-story residential building offering 132 market-rate apartment units. Located just two blocks from John Hopkins All Children’s Hospital and Bayfront Health, the apartments will cater to professionals working within the Innovation District. Multifamily |Innovation District

• 1701 Central is a 5-story mixed-use project within the Grand Central District and will contain 5,500 sf of amenities, 4,500 sf of retail and 210,792 sf of residential space offering 243 apartment units. Mixed Use | Downtown

• Artistry Apartments located at 1601 Central Avenue is another mixed-use project under construction in the Grand Central District. The 6-story building will offer 12,000 sf of commercial space with 251 luxury apartment units. Mixed-Use | Downtown

• Bayfront Medical Center at 701 6th Street S is nearing completion of a $22 million renovation and expansion of its emergency and trauma centers. Bayfront, with 480 beds, is the largest hospital in St. Petersburg. Institutional | Innovation District

• Echelon City Center is a 20.5 acre mixed-use, pedestrian-friendly urban development in the Carillon Parkway complete with dining, entertainment, hotel, and retail together with residential and office components.

Development Metrics

• 172,000 – 190,000 sf Retail Development

• 500,000 – 600,000 sf Office Development

• 120 – Key Limited Service Hotel

• 1,500 – 1,700 Residential Units

Mixed-Use | Gateway

• Elements on Third is nearing completion on converting a 6-story office building into a residential building with 78 loft-style apartments. The project is the latest phase of Altis Cardinal’s master-planned development of 10 acres in St. Petersburg’s Kenwood neighborhood. Multifamily | 34th Street

• St. Pete Police Department Headquarters is complete and will be occupied in summer of 2019. The 3-story 170,000 sf state-of-the-art facility is designed to 195 mph wind criteria and pursuing a Green Globe certification. A new offsite shooting range is nearing completion. The existing police headquarters site across the street. Institutional | Downtown

• The Princess K Hotel located at 2675 Ulmerton Road is underway to construct a new 8-story high-rise hotel with 123 guest rooms. Commercial | Gateway

• Tru by Hilton is a hotel in the Grand Central District that will be 7-stories with 132 rooms and more than 10,000 sf of retail space. Mixed-Use | Downtown

• Galaxy Hotel is a new boutique high-rise hotel in downtown St. Pete at 101 3rd Avenue North with 11-stories and 92 guest rooms. Commercial | Downtown

• Icon Central Apartments at 801 Central Avenue is under construction on a 15-story building offering 368-unit apartments and 38,000 sf of retail space. The project will reinvigorate the 800 block, perfectly situated between the 600 block Central Arts District and the trendy EDGE District. Mixed-Use | Downtown

• Jabil’s new world headquarters – an estimated $67.3 million investment project – is well underway with the first phase of renovation of the former TBRI building into the Jabil Innovation Center. Jabil will be demolishing one building to construct a new headquarters and remodeling another building to create its new campus to house 2,000 Jabil employees. Commercial | Gateway

• Marriott Inn Hotel is a new 7-story hotel under construction at the Tierra Verde Marina site and will offer 90 rooms, roof top bar, terrace lounge and l meeting space. The hotel is part of the newly developed 10-acre Port 32 marina project. Commercial

*Source: St. Pete Shines Development Update 2019; City of St. Petersburg