The Kolter Group and the Ally Capital Group are planning to demolish the Fit2Run and Exchange Hotel in St. Petersburg and redevelop the sites into a new hotel and residential tower.
Under the entities KT St Pete Runner LLC and Ally MW LLC, the groups filed plans for a mixed-use project encompassing a 35-story apartment complex and an adjacent 13-story hotel. Ally Capital Group, headed by Andrew Wright of Franklin Street, also filed a demolition request with the city to demolish the Exchange Hotel.
Last year, under the same entity, the Delray Beach-based Kolter Group purchased the two Fit2Run properties – one at 256 2nd St. N. in a $5.1 million deal, and 232 2nd St. N. for $2.4 million.
The properties included the parcel where Fit2Run, a retailer selling athletic apparel, currently operates; as well as a rear parking lot. At the time, Kolter executives told the St. Pete Catalyst they did not have plans for the site.
The site plan shows the hotel would be built at the Fit2Run site and that the neighboring site, which houses the Exchange Hotel, would be redeveloped into a 361-unit residential tower with a seven-story parking structure.
The Preserve the ‘Burg advocacy group also alerted its members in a newsletter about the demolition and that the Exchange Hotel, formerly known as the Martha Washington Hotel, is on the city’s list of potentially eligible historic properties. The group indicated it is closely monitoring the potential redevelopment of that site.
A description of the project states the apartment complex would have amenities such as a pool on the eighth floor, and the adjacent hotel would have 184 rooms and a 124-space parking garage.
While the plans are new for the two sites, this isn’t the first time the Fit2Run site has been eyed for redevelopment.
Several years, Ping Pong Partners, formed by Steve Gianfilippo, who founded the Cordova Inn and Station House in St. Pete, proposed building a 25-story tower at the site. The tower was going to offer 100 residential units and 7,000 square feet of ground-floor commercial space; however, the group encountered a setback over an issue with the property, according to reports.