Demolition sets stage for $125 million St. Pete tower

The development team behind a long-planned, 23-story mixed-use tower near Tropicana Field is just days away from demolishing a warehouse at the site.

Gallery Haus, first unveiled in January 2024, is a $125 million project at 155 17th St. S. Miami-based commercial real estate investment firms LD&D and Black Salmon, with LD&D’s partner IGEQ also participating in the venture, acquired the .77-acre parcel abutting the Pinellas Trail for $9.05 million in December 2023.

Diego Bonet, managing partner of LD&D, said demolishing the former Teknia Logistics warehouse would take a “few months, due to how it’s connected with the adjacent neighbors.” Those include Vertical Ventures, a popular climbing gym, and The Lock Up Self Storage.

“It has been a long time in the making,” Bonet said of Gallery Haus. “So, we’re very excited about the project reaching this milestone.”

The previous owners, St. Petersburg’s Apogee Real Estate Partners, received city approval to build a 23-story tower on the property before the firm’s leadership decided to wind down operations and liquidate assets. Bonet previously told the Catalyst that his group spent nearly a year discerning project details after purchasing the property.

Gallery Haus will feature 254 residences and over 10,000 square feet of amenities and coworking space. “We did increase the amount of retail facing the Pinellas Trail a little bit,” Bonet said.

A state-of-the-art wellness and fitness facility will also now face the Pinellas Trail, a focal point for the project. The lobby will feature a coffee shop.

“We love the location,” Bonet said. “We love the fact that it’s at the intersection of three different neighborhoods.”

The Warehouse Arts, EDGE and Grand Central Districts are easily accessible from Gallery Haus. Tropicana Field’s Lot 4 sits just across 17th Street South from the development, and “that is pretty unique,” Bonet said.

That area to the east will eventually become the Historic Gas Plant District. Bonet saw immense potential in the site before he realized a $6.5 billion redevelopment project, led by the Tampa Bay Rays, would take shape across the street.

While the Rays exited long-negotiated plans in March, city officials are now considering a $6.8 billion proposal from ARK Investment Management, Ellison Development and Horus Construction. “We thought that would be a cherry on top,” Bonet said of the redevelopment.

“We made sure we liked this deal, even if that didn’t move forward, because it was uncertain at the time,” he added. “You cannot get an 84-acre lot in the heart of a major, fast-growing city, like St. Pete … So, something will happen with that.”

Bonet said his group is excited to see the new proposals and believes their development will “play a very important role in connecting the Gas Plant and Warehouse Arts District. “We think this will be in a strategic location long-term.”

The development team released their final plans for Gallery Haus in November 2024. Bonet called its aesthetic “a lot more industrial in nature, and a little bit more arts-focused.”

LD&D and Black Salmon built the visually similar Wynwood Haus, named after the Miami neighborhood known for its creative community. Gallery Haus will feature an indoor-outdoor wellness deck with a pool, sauna and cold plunge tanks atop a five-story parking garage.

Gallery Haus features over 10,000 square feet of amenity and co-working space.

The 23rd floor will feature a tenant lounge and coworking space with views of the downtown skyline and Tampa Bay. A coffee shop will connect the lobby with 17th Street, and the remaining commercial space will help activate the Pinellas Trail.

Bonet noted the location “feels a little bit more residential” than some neighboring projects or living above Central Avenue. He also believes the trail is “such a unique amenity” that is rarely found in other cities, “if any.”

“Having that directly underneath the building, we think, is a complete game-changer,” Bonet said. “We definitely want to emphasize it.”

While a softening multifamily housing market is “a fact,” the development team remains bullish on its investment. Recently built inventory is “in the process of getting absorbed,” Bonet said, and there is “a much smaller amount” of new projects on the horizon.

He believes the timing will ensure Gallery Haus is “ahead of the curve a little bit.” The development team is “looking at this as a 10-year hold.”

“We love St. Pete,” Bonet said. “We think it’s going to continue seeing very robust population and economic growth. And not just St. Pete, but the overall Tampa Bay area. So, we’re not worried about what’s happening in the short term.”

Vertical construction should begin by early summer of 2026. “From there it will be about a 20-month build,” Bonet said.

Camilo Lopez, managing partner of Black Salmon, said in a prepared statement that “Gallery Haus reflects our confidence in the market’s trajectory.”