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DeNunzio: Despite dip, future of development looks bright in St. Pete

Megan Holmes

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The St. Petersburg Chamber of Commerce presents: Coronavirus Impact Insights. 

On this episode of Chamber Coronavirus Impact Insights, Dustin DeNunzio, president of DeNunzio Group joins Chris Steinocher, CEO of the St. Petersburg Chamber and Joe Hamilton, publisher of the St. Pete Catalyst to talk about how development in St. Pete is faring through the Covid-19 pandemic.

DeNunzio Group specializes in mixed-use developments in the greater Boston and greater St. Pete-Clearwater area. The group’s major upcoming development in St. Pete is a 25-story mixed-use project on Christ United Methodist Church’s former site, located at the southeast corner of 1st Avenue North and 5th Street, one block south of St. Petersburg City Hall.

DeNunzio describes the development as a city within a city. It is planned to contain retail, parking, office space, a hotel – and residential micro units on top. DeNunzio expects to have large shared spaces for residents, hotel guests, office workers and the public to gather. DeNunzio Group has also entered into an agreement with the City of St. Petersburg to fund some of the public parking, and will allow the church to use some of the parking on Sundays for their services.

DeNunzio says his outlook on his properties in St. Pete is “extremely bullish,” thanks to strong city leadership. “I can’t foresee a scenario in which St. Pete doesn’t come out in a better position than most other cities,” he says.

The DeNunzio Group does not expect major delays in development, mostly because the project is still in the lengthy approval process. He says that unlike other cities, the City of St. Petersburg is reaching out proactively to developers to work with them on timelines and ensure that the projects are done right.

It’s the city’s pro-development and pro smart growth outlook, as well as its alliances with strong, resilient industries like biotech, marine sciences and specialized manufacturing that DeNunzio says will help the city come out of dip in the economy expected from coronavirus mitigation efforts.

Resources:

Boston developer plans mixed-use project one block from St. Pete City Hall

New office construction coming to downtown St. Petersburg

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