Developer increases controversial St. Pete condo tower’s size 

A local development firm has added four stories and 50 feet to its previously approved plans for a high-rise tower in downtown St. Petersburg.

Clearwater-based Valor Capital has also eliminated the now-$70 million project’s most controversial aspects. The Roche Bobois Residences will no longer offer short-term rentals and a rooftop “Sky Bar.”

According to revised site plans submitted to the city Monday afternoon, the 29-story tower will feature 165 luxury condominiums rather than 152. Neighbors appealed plans for St. Petersburg’s first “condotel” at the intersection of 4th Street and 4th Avenue South in March 2024 due to its potential impacts on a relatively tranquil area.

Karen Carmichael filed the appeal on behalf of the neighboring Sage Condominium’s board and residents of several significantly smaller buildings surrounding the half-acre site. She and others spoke against the development’s Sky Bar, hotel use, permitted building height and neighborhood compatibility.

“You don’t get to cherry-pick when it gets to be a hotel and when it gets to be a condo,” said Councilmember Gina Driscoll at the March 2024 meeting. “And find your own customized version of the rules for each one to match what you want to do.”

The revised plans call for additional units and less parking.

However, the council voted 6-2 in favor of the previously estimated $55 million project with two conditions: Valor Capital could not play amplified music from the building’s rooftop lounge, and short-term rentals would require a minimum 30-day stay.

According to the application submitted Monday, the developer will “remove the previously approved Sky Bar from the roof of the proposed building and any references to a condotel or short-term rentals.”

In return, the owner requested approval to add 13 units and decrease the number of parking spaces, also a previous concern, from 130 to 103. The building height would increase from 325 to 375 feet.

“The existing site plan approval contemplated a level of underground parking within the proposed parking garage, but after extensive investigation, the developer has determined that it is not feasible,” states the application. “Instead, the existing building on the 322 (4th St. S.) site will be removed and replaced with approximately 20 tandem parking spaces.

The proposal adds that Valor Capital has considered using a “robotic parking system” to move vehicles and potentially increase parking capacity at the 322 4th St. S. parcel, and may pursue doing so in the future.

The previously approved site plan encompassed a half-acre property that currently consists of a two-story and a three-story apartment building, both built in 1920, and a four-unit condominium complex that opened in 2003. The 125-year-old structures lack official historic designations.

In January 2024, Manny Leto, executive director of Preserve the ‘Burg, expressed his opposition to the project at a Development Review Commission (DRC) hearing. He said the existing buildings were historic, regardless of designation, and offered naturally occurring affordable housing.

The DRC unanimously approved the previous plans. Those changed after Valor Capital purchased the adjacent .11-acre parcel at 322 4th St. S. in May for $2.13 million.

If approved, the project would feature 4,103 square feet of commercial space rather than 4,893.

If approved, the revised project would feature 4,103 square feet of commercial space, down from 4,893. A four-story parking garage would offer 83 rather than 130 spaces, with a surface lot on the recently acquired parcel providing another 20.

New renderings show a fifth-floor amenity deck with a pool above the screened garage. Floors six through 29 will house residential units.

A site plan highlights five live oak or elm shade trees and several palms on three sides of the property. The development will also feature an art plaza with a fountain.

“The property is of sufficient size for the development proposed and is appropriate and adequate for the use and reasonably anticipated operations and expansion thereof,” states the application.

Valor Capital named the project after the French furniture brand Roche Bobois. CEO Moises Agami told the DRC that he partnered with the luxury retailer to provide common-space furniture and amenities.

A site plan highlights an art plaza with a fountain.