Developers have taken the wraps off the first renderings of a 28-story mixed-use project with a hotel, residences and office space planned for 450 1st Ave. N. in downtown St. Petersburg.
The project, by the DeNunzio Group, will be built on what currently is a parking lot for Christ United Methodist Church. PLDD 1st Avenue LLC, an entity associated with the DeNunzio Group, bought the property in December 2019 for $5.3 million. Construction costs are estimated at $85 million, according to a site plan filed with the city.
It’s one of the first projects to bring much-needed Class A office space to St. Petersburg, where demand still remains relatively high, despite the impact of the Covid-19 pandemic that resulted in many office workers staying home to do their jobs.
The office vacancy rate in St. Pete’s central business district was 9.4 percent for the fourth quarter of 2020, according to the Q4 2020 office report from Cushman & Wakefield. That’s significantly lower than the 15.2 percent vacancy rate in Tampa’s central business district, and lower than the 14.5 percent vacancy rate in the Tampa-St. Petersburg-Clearwater metro area, the report said.
The DeNunzio project, just one block from City Hall, will have 73,145 square feet of office space. It also will have 110 hotel rooms, 165 dwelling units, 47,615 square feet of retail space and a 456-space parking garage. The city and the developer are partnering on the parking garage, with the developer providing 240 parking spaces that will be owned by the city.
The building will be constructed as a “stacked tower sitting on top of an eight-story base,” the site plan said.
The first floor will include the hotel and office lobby, residential lobby and commercial space. The second through ninth floors will be devoted to parking, with the ninth floor serving as the rooftop of the eight-story garage.
Floors 10 through 14 will float above the ninth floor rooftop parking and include hotel space, amenity areas and office space.
A three-story open space will be on the east side of the 10th floor of the building.
The residential tower will be on the east side of the building. The hotel tower will be on the west side of the building.
The hotel and office vehicular drop-off area will be on the west side of the property. Pedestrian access will be from 1st Avenue North.
The site plan is scheduled for a hearing Feb. 3 before the St. Petersburg Development Review Commission. City staff have recommended approval with several conditions, including a final review by the Community Redevelopment Agency.