New developments enhance the vibrancy of downtown St. Petersburg.
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Sponsor Our ArticlesSt. Petersburg is abuzz as it announces the 2025 Downtown Development Guide aimed at driving the city’s growth and recovery post-2024 hurricanes. Mayor Ken Welch emphasizes resilience, while the guide outlines new housing projects, community improvements, and a focus on affordable housing. With a surge in residential developments and additional office spaces, the future of St. Pete looks promising. Ongoing projects include the planned Waldorf Astoria Residences and the redevelopment of the Gas Plant District, which will enhance the downtown experience.
St. Petersburg is abuzz as it announces the 2025 Downtown Development Guide aimed at driving the city’s growth and recovery post-2024 hurricanes. Mayor Ken Welch emphasizes resilience, while the guide outlines new housing projects, community improvements, and a focus on affordable housing. With a surge in residential developments and additional office spaces, the future of St. Pete looks promising. Ongoing projects include the planned Waldorf Astoria Residences and the redevelopment of the Gas Plant District, which will enhance the downtown experience.
St. Petersburg is buzzing with excitement as the city unveils its 2025 Downtown Development Guide! This happening announcement took place at the Development Summit on February 27, 2025, and it aims to steer the city’s evolution through growth and recovery following the challenges posed by the 2024 hurricanes.
Mayor Ken Welch shared insights on the necessity of resilience for the city. As St. Pete recovers from the natural disasters, the new guide outlines not just developments but also a strategy that prioritizes the future of the community. The resilience theme recognizes that building back better is not just a slogan—it’s essential for the city’s vibrant future.
The downtown area is witnessing an incredible surge in residential projects! In 2024 alone, a total of seven new projects were announced, bringing in a whopping 883 housing units. As if that wasn’t enough excitement, six additional rental developments are currently under construction with a fantastic 25 more in the pipeline!
Currently, there are 9,400 existing residential units downtown, and with the exciting developments underway, an additional 8,050 units are proposed or already under construction. Shifting gears to the high-end market, over 700 market-rate condos are being developed, including the prominent Residences at 400 Central, which has just topped out.
It looks like many new residents are making the move to downtown St. Pete! The trend shows that lots of folks relocating are coming from within Pinellas County. They’re drawn in by fancy amenities and some unavoidable displacement due to the recent hurricanes. It’s important to note that around 70% of condo units are owner-occupied, indicating a thriving community of permanent residents.
For those looking at renting, the average asking rent in downtown sits at a cool $2,350 per month for market-rate apartments. So, there’s variety for everyone!
But it’s not all luxury living! The city has rolled out a 10-year plan called Housing Opportunities for All, which started in 2020. This initiative aims to create affordable housing options, specifically targeting around 8,000 households and boosting workforce housing development.
To support affordable housing options, an ordinance has been introduced granting local tax exemptions to properties with affordable units. As of December 1, 2024, more than 400 workforce and affordable units are already lined up to take advantage of those tax breaks.
It’s not just about housing. St. Petersburg’s downtown area currently boasts around 2 million square feet of office space with a relatively low vacancy rate of 7.7%. The downtown workspace is becoming increasingly attractive, with Class A offices making up 78% of the supply. Excitingly, an additional 390,000 square feet of office space is on the horizon through mixed-use developments! Major players in the area include firms like Duke Energy, Truist Bank, and Raymond James.
Among the projects in the works is the Halcyon, an 11-story office building marking the first Class A office construction in downtown St. Petersburg since the 1980s! It’s clear that developments are booming—but not without challenges. Rising land and construction costs, alongside insurance challenges, are hot topics among local developers.
St. Petersburg is also looking at significant projects such as the planned 49-story Waldorf Astoria Residences and the redevelopment of the historic Gas Plant District. This project is notable for featuring a rich mix of amenities, including office and retail spaces, plus affordable housing, and yes, a new ballpark for the Rays!
In closing, the 2025 Downtown Development Guide is not just about the numbers. It emphasizes quality, good design, and public space enhancements to tackle environmental challenges head on. With the city recently recognized as the best-run in Florida with a fantastic work-life balance, St. Petersburg is ready to embrace a bright and innovative future.
So, folks, keep your eyes peeled for more updates as we watch our wonderful St. Pete soar to new heights!
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