Mixed-Use Development Proposed in Downtown St. Petersburg

St. Petersburg-based developer Feldman Equities and national developer Property Markets Group (PMG) have submitted an unsolicited proposal to the City of St. Petersburg for a proposed mixed-use development in downtown St. Petersburg that would bring 111 affordable housing apartment units in the first phase. The second phase would include 259 market rate apartments, a minimum of 110,000 square feet of Class A office space and 14,000 square feet of ground level retail space along with a parking garage. The six-story affordable housing building would be located along 8th street, the apartment units would be designated for those earning 80% of Area Media Income (AMI) or below. The proposed office building would front Dr. M.L.K. Jr. Street and would be 11 stories. The proposed market-rate apartment building would rise 29 stories fronting 1st Avenue South. The development is proposed on a city-owned parcel of land that is currently a surface parking lot, under the proposal the developers would purchase the land.  The deal is structured so that the developers would construct the affordable housing building and convey the building to the City of St. Petersburg after closing on the land for the second phase, ensuring the building would remain affordable housing in perpetuity. Since it is an unsolicited offer, Florida Statutes require the city to invite additional proposals from private developers. After reviewing the proposals, the city would decide whether or not to move forward with any of the proposals.

View 800 1st Avenue South >>