Development Summit highlights St. Pete’s crossroads

St. Petersburg has 13 new projects in the pipeline. However, the Historic Gas Plant District’s $6.5 billion redevelopment remains top of mind.  

Myriad civic and business leaders reflected on the city’s recent past and looked to its future Tuesday at the St. Petersburg Downtown Partnership’s fifth annual Development Summit. A historic building converted into office space as part of the EDGE Collective hosted the sold-out event.

Mayor Ken Welch said St. Petersburg’s “unique sense of community” thrives because of the “energy and expertise” attendees bring to “our shared goals of inclusive progress.” He also believes they are part of an “incredible moment in our city’s history.”

“We’re not just building more, we’re building smarter – from rethinking how we design our public spaces to ensuring our infrastructure is keeping pace with our environmental challenges,” Welch said. “Our success isn’t measured solely by the projects we complete, but by the quality of life we create.”

The wide-ranging summit also served as a launch party for the 2025 Downtown Development Guide. Sarah Lindemuth, research director at Meshem, compiled the data, while Lindsay Petty Wattam, a partner at Pyper, Inc., oversaw the design.

The guide provides a snapshot of the city’s progress and goals. Wendy Giffin, chair of the partnership, said it helps attract businesses, and the overarching goal is to maintain St. Petersburg’s unique “authenticity and connectivity.”

Sarah Lindemuth, research director at Meshem, and Jason Mathis, CEO of the St. Petersburg Downtown Partnership.

Developers announced 13 projects in 2024 that will bring 883 residential units – 73 below market rates – and 163,400 square feet of commercial, cultural and gathering space to St. Petersburg. Those numbers pale in comparison to the Gas Plant’s redevelopment.

The project, led by the Tampa Bay Rays and Hines development team, was supposed to break ground this year. What was once a foregone conclusion is now in jeopardy, and several speakers mentioned the ongoing uncertainty.

“I hope I can speak for each of us by stating that we really want this project to move forward,” Giffin said. “A lot of people have put much effort into this redevelopment plan.”

The guide highlights how the project, anchored by a new Rays ballpark, would feature 1.4 million square feet of office and medical space; 750,000 square feet of retail space; 100,000 square feet of conference and meeting space; 50,000 square feet for nonprofits; 14,000 parking spaces; a 4,000-seat concert venue; 750 hotel rooms; and 14 acres of green space.

After the presentations, Welch wistfully reflected on the guide’s project timeline, which began in June 2022. “To have a plan that is this good and meets so many of these needs, and to be this close … So much is at stake for our community,” he said.

Lindemuth told attendees that the number of new developments has slightly decreased, and many are residentially focused. However, she noted the continued need for more affordable housing.

While the Gas Plant project would provide 1,200 affordable and workforce housing units, Lindemuth said those homes are “needed now – not four years, 10 years from now.”

She said the city needs about 1,700 additional units for those earning less than 80% of the area median income. “So, those 1,200 units being delivered would be very, very helpful, but they’re needed right now.”

A historic building at 1246 Central Ave., converted into office space as part of PTM Partners’ EDGE Collective, hosted the event.

Cody LeClair, senior vice president of Echelon Development, believes the area around Tropicana Field will eventually undergo redevelopment and connect to the downtown core. He also thinks it will likely “take more time and look a lot different than we thought it originally did.”

LeClair said an unprecedented hurricane season and rising construction costs and insurance rates will probably scare away some developers. “If that’s the case, so be it.”

He noted that the state has repeatedly rebounded from natural disasters and economic downturns. “If that’s not something you want to invest in, that’s your problem,” LeClair added. “I certainly will.”

Mack Feldman, vice chair of the partnership, explained how St. Petersburg’s protected downtown park system preserves waterfront views. He called that a “rare example” of a “wonderful public amenity” intersecting with his Waldorf Astoria Residences project that “wouldn’t have been feasible” without the foresight of the city’s pioneers.

Casey Ellison, CEO of Ellison Construction, is extremely bullish on St. Petersburg’s future. He said regulatory and bureaucratic risks often impede growth and credited the mayoral administration and city council for “helping us get to a finish line.”

“That is a big deal,” Ellison continued. “Everyone should commend them for that on a daily basis.”

Mathis (left) and Jeff Craft (right), founder of construction firm Shell Basix, present Corey Malyszka, zoning official for the City of St. Petersburg, with a Downtown Achievement Award.

St. Petersburg’s recent accolades feature prominently in the guide: WalletHub named it the best-run city in Florida; Coworking Café said it has the state’s best work-life balance; SmartAsset placed it among the 10 happiest cities in the southeast; and MarketWatch ranked it first in the state dog walkability.

“We know that the future is really bright,” said Jason Mathis, CEO of the partnership. “But if you don’t track it on a regular basis, it’s really hard to understand how far you’ve come. It’s also hard to figure out where you want to go.”

To view the St. Petersburg Downtown Partnership’s 2025 Development Guide, visit the website here.