Developer receives approval to build 22-story complex

A 22-story residential complex will now be built in downtown St. Petersburg at a site city staff hoped would get redeveloped. 

The developer behind the project is Focus Acquisition Company LLC, linked to a Chicago-based real estate group. The proposed $72 million project would be built at 511, 533, 543 and 551 3rd Ave. S., and 226 6th St. S. 

The property currently includes a surface parking lot, vacant green space and a one-story, outdated, office building. 

The site where Developer Focus Acquisition Company LLC is planning to build a 22-story tower. Image: GoogleMaps.

“I’m happy about this. Lots of us have waited a long time for something real and good to be planned for that area,” Council Chair Gina Driscoll said during the Thursday city council meeting. 

The council members, meeting as the Community Redevelopment Agency (CRA), unanimously approved the project during the meeting, finding it consistent with the Intown Redevelopment Plan. 

While the project is predominantly centered around the 335 apartments, there would be 11,560 square feet of commercial space and a 382-space parking garage. 

Trenam Law attorney Don Mastry, representing the developer, said the majority of the apartment units would be less than 750 square feet, making more of the apartments more affordable for residents, and the project would continue the expansion of downtown to the south and west. 

The apartment would range from studios to two-bedroom units. The developer also proposes to dedicate a minimum of 5% of workforce housing units.

Councilmember Deborah Figgs-Sanders asked about how the affordable units will be marketed, as she expects those to be reserved quickly due to high demand. The development team said it doesn’t have a marketing and leasing plan yet, as it’s currently working through the early design process. 

The ground floor of the building would feature a residential lobby, a fitness area, a 2,240-square-foot co-working space and commercial. A large open green area would be on the east and south sides of the building, abutting the residential lobby.

Floors two through five are planned for parking and residential units. Floors nine through 22 would house the remaining residential units.

Focus Acquisition is working with St. Petersburg-based Place Architecture on the project.