New Downtown Redevelopment Opportunity in St. Petersburg

News Summary

A prime redevelopment site has become available in St. Petersburg at 125 5th Street South, just a block from Central Avenue. This 0.71-acre site features an 11,357-square-foot office building currently occupied by Wells Fargo Bank, whose lease ends in June. With zoning classified as Downtown Center-1, this site presents a significant opportunity for mixed-use development. Its strategic location and growing interest from developers suggest a transformative future for downtown St. Petersburg.

Exciting Times Ahead for St. Petersburg with New Downtown Redevelopment Opportunity!

St. Petersburg is buzzing with excitement as a prime redevelopment site has just hit the market! Located at 125 5th Street South, just a block away from the bustling Central Avenue, this site offers a fantastic opportunity for developers looking to make their mark in the city.

Perfect Location with Stunning Potential

What makes this site so appealing? Well, for starters, it’s strategically situated right across the street from the stunning 46-story Residences at 400 Central, a high-rise that’s set to open its doors later this year! This means the area is shaping up to be a hot destination for both residents and visitors alike.

A Glimpse into the Property

This property is not just a vacant lot; it boasts an 11,357-square-foot office building, which is currently home to Wells Fargo Bank. Built back in 1979, this two-story structure has been a fixture in the area for years. However, Wells Fargo’s lease is coming to an end in June and will not be renewed, paving the way for fresh possibilities!

The site covers 0.71 acres and comes complete with a 23-space surface parking lot, giving potential developers ample room to explore various options. With zoning classified as Downtown Center-1 (DC-1), developers have the green light to dive into significant density and flexible mixed-use development. Basically, the possibilities are wide open here!

Growing Interest from Developers

Proximity to Key Attractions

Florida Holocaust Museum, where history thrives, and just a hop away from Tropicana Field, home of the Tampa Bay Rays and a hub for major events. This proximity makes the site an incredibly enticing prospect for any developer looking to bring more life to this part of St. Petersburg.

Community Considerations

16-story Lutheran Apartments, as their units face north and south. This means any new constructions in the area can move forward with an eye on preserving some of the awesome views already enjoyed by locals.

In a Nutshell

Deeper Dive: News & Info About This Topic

HERE Resources

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Additional Resources

• Florida Politics: Federal Government Awards $173K to City of St. Pete
• Wikipedia: St. Petersburg, Florida
• St. Pete Catalyst: Rethinking Urban Development
• Google Search: urban development St. Petersburg
• I Love the Burg: Downtown Development Summit 2024
• Google Scholar: St. Petersburg development
• St. Pete Rising: Tangerine Plaza Redevelopment Approved
• Encyclopedia Britannica: Florida
• St. Pete Rising: Warehouse Arts District Upzoning Approved
• Google News: St. Petersburg development 2024