News Summary
A prime redevelopment opportunity has emerged in downtown St. Petersburg with the listing of an 11,357-square-foot office building at 125 5th Street South. The property, set on 0.71 acres, is gaining immediate interest from developers due to its strategic location near Central Avenue and the growing downtown area. With high-density mixed-use zoning, this site promises significant potential for innovative projects, making it a hot commodity in the real estate market.
Exciting Redevelopment Opportunity in Downtown St. Petersburg!
St. Petersburg is buzzing with new possibilities as a prominent office property has just hit the market. Located at 125 5th Street South, this site represents a unique chance for developers eager to make their mark in this vibrant urban setting. Situated just a stone’s throw away from Central Avenue and right across from the impressive 46-story Residences at 400 Central, this property is perfectly positioned to capitalize on downtown’s growth.
What’s on Offer?
The property boasts an 11,357-square-foot office building that first opened its doors in 1979 and has been home to Wells Fargo Bank. However, with the bank’s lease coming to a close in June, it will not be renewing, making this an opportune moment for new development. The parcel covers a roomy 0.71 acres and features a 23-space surface parking lot, making it an attractive option for potential builders.
Prime Location for Developers
This site is classified under the Downtown Center-1 (DC-1) zoning, which means developers have the green light for high-density mixed-use projects. This kind of flexibility is a rarity in downtown St. Petersburg, where the demand for land suitable for such developments is growing quickly. Interest from developers has already surged in the few days since the property was listed, signaling that this could be a hot commodity!
Nearby Amenities & Attractions
Let’s not forget about all the perks that come with the location! Being near popular spots like the Florida Holocaust Museum and Tropicana Field makes this property even more appealing to potential residents and businesses alike. Not to mention, the neighborhood around this site is becoming more dynamic by the day, with new residential and commercial ventures popping up everywhere.
Future Outlook
With the area already dotted with developments catering to both businesses and residents, it’s clear that St. Petersburg is on the rise. The nearby 16-story Lutheran Apartments offer housing specifically for seniors aged 65 and older and are designed in a way that high-rise developments on the new property won’t obstruct their stunning views. So, future residents can look forward to enjoying a picturesque setting without any interruptions.
What’s Next?
Even though this property has only been on the market for a few days, the buzz is palpable, and multiple developers are already expressing interest. That’s a testament to how sought-after the market for land in downtown St. Petersburg is these days! While specific details about the asking price remain under wraps, it’s clear that this site holds tremendous potential for those looking to invest in this growing community.
A New Chapter Awaits
Vector Commercial Real Estate, the firm facilitating the sale, operates from the second floor of the office building but plans to relocate once a sale goes through. With the prospect of innovative and exciting new developments surrounding the area, it’s a thrilling time for St. Petersburg!
There you have it! A standout opportunity awaits savvy developers willing to dive into the heart of downtown St. Petersburg. Keep an eye on this property – it just might become the next big thing in urban development!
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Additional Resources
- Florida Politics: Federal Government Awards $173K to City of St. Pete
- Wikipedia: Urban Development
- St. Pete Catalyst: Rethinking Urban Development
- Google Search: St. Petersburg development
- St. Pete Rising: Tangerine Plaza Redevelopment Approved
- Google Scholar: St. Petersburg urban development
- I Love the Burg: Downtown Development Summit 2024
- Encyclopedia Britannica: Urban Development
- St. Pete Rising: Warehouse Arts District Upzoning Approved
- Google News: St. Petersburg urban development
