‘About time:’ Council approves storm-damaged tower’s transformation

Plans to demolish a long-vacant, storm-damaged tower in downtown St. Petersburg are moving forward. The day cannot come soon enough for some stakeholders. 

Gianco Companies will replace the decaying 11-story building at 300 Central Avenue with a 74-key branded hotel. Steve Gianfilippo, CEO of the Tampa-based development and investment firm, envisioned restoring the nearly century-old structure until Hurricane Milton tore a gaping hole in its facade. 

City council members unanimously found the project consistent with St. Petersburg’s downtown redevelopment plan Thursday. A substantial damage determination will dictate the developer’s next steps. 

“I like this project, and it’s about time,” said Councilmember Gina Driscoll. “We’ve been waiting a long time for something to happen here, but what we have right now is in pretty bad shape, mainly because of the storms.” 

Hurricane Milton sheared the stucco off the dormant building. Photo by Mark Parker.

Zoning official Corey Malyszka believes the city’s building department could find the tower substantially damaged, with repairs costing more than 49% of its assessed value. Gianco Companies could then demolish 300 Central “tomorrow,” rather than waiting for the Development Review Commission to approve a site plan. 

Driscoll asked if the developer would call in a wrecking ball immediately after the determination. Sean Kelly, an attorney representing Gianco Companies, said his client was not prepared to make that decision and has worked to secure the crumbling tower. 

The firm installed netting to keep stucco from falling on pedestrians and cars after the storms. Permits for a new cover await approval. 

“If the building is deemed substantially damaged, we wouldn’t really have an option but to demolish it,” Kelly said. “We hoped that we would have a little more time to continue this process before that happened.” 

Construction on the current building at the southwest corner of Central Avenue and 3rd Street began in 1925. It housed stores and office space before becoming a hotel and, eventually, the Coronet 300 apartments. 

Gianfilippo acquired the building in 2017 and sought to convert it into luxury apartments and short-term rentals. Those plans evolved as downtown became saturated with condominiums and new residents who needed additional lodging options for visiting family and friends. 

Gianfilippo’s preservation-focused firm planned to renovate rather than demolish the building. He told the Catalyst in April that the storms “made us rethink our business plan.” 

The building is across the street from the Residences at 400 Central, St. Petersburg’s tallest tower. Gianfilippo believes a “true boutique, branded hotel is absolutely the highest and best use for that corner.”

Driscoll, who represents downtown, agreed with Gianfilippo’s assessment Thursday. 

The Development Review Commission will debate the project’s site plan June 4.

However, she also noted the site is a “mess” and “looks precarious.” While the council, acting as the Community Redevelopment Agency, could not mandate site plan approval conditions, Driscoll said she wanted a quick demolition process and the property to look “pleasant” before new construction. 

“One of the purposes of the Intown CRA (Community Redevelopment Area) is to reduce blight,” Driscoll elaborated. “We would like this particular blight to be reduced sooner rather than later. But we also don’t want a pile of dirt sitting there for the next year, two years until things get going.” 

Kelly said the small corner site would aid those efforts. Its size also hinders parking. 

The estimated $20 million project will feature 2,500 square feet of street-level commercial space and a bar. A second-level mezzanine will provide an additional 1,500 square feet of retail space. 

A 17-story, 172-foot building will offer a covered patio adjacent to the lobby, a 1,615-square-foot exterior deck on the eighth floor and a rooftop canopy encompassing 815 square feet. 

The hotel will feature just 23 parking spaces through a draft agreement with the adjacent First Central Tower. Councilmember Deborah Figgs-Sanders noted that parking is already an issue downtown. 

Kelly said the firm plans to lease additional spaces from a nearby garage and surface lot. Councilmember Corey Givens Jr also expressed concern over the lack of parking and “strain on our infrastructure” caused by new developments.

“We need to be considerate of things like this as we move forward as a council, as a city,” he said.