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Plans Unveiled for 25-Story Mixed-Use Tower on 4th Street in Downtown St. Petersburg
In a significant announcement, plans have been revealed for a remarkable 25-story mixed-use tower set to grace the landscape of downtown St. Petersburg, Florida. This unveiling comes from Clearwater-based Valor Capital, marking a pivotal moment for the city as it prepares for a transformative addition to its urban skyline.
Rising to an impressive height of 325 feet, this architectural marvel will house a total of 152 dwelling units or hotel units, offering a blend of luxurious living and accommodation. Furthermore, the tower will feature 4,893 square feet of commercial space, making it a hub of activity within the city. To meet the practical needs of residents and visitors, the development includes a 130-space parking garage.
At its foundation, this 25-story tower in downtown St. Petersburg is designed to accommodate a range of uses. It will encompass welcoming retail spaces and a residential lobby, creating a warm and inviting environment. Additionally, the project includes a 4,000 square-foot open space plaza, providing a much-needed green oasis amid the urban bustle. The rooftop is poised to be home to a breathtaking sky bar, offering panoramic views of the city and its surroundings.
Located on a prime half-acre property at the intersection of 4th Street and 4th Avenue South, the site was assembled through a series of acquisitions in 2022, with a total investment of $5.2 million. The property falls under the Downtown Center-2 (DC-2) zoning, allowing for a base Floor Area Ratio (FAR) of 3.0 and a maximum FAR of 7.0. Valor Capital is tapping into FAR bonuses of 4.0, effectively maximizing the FAR to its fullest potential. As part of these bonuses, the developer is committing to contribute to the city’s Housing Capital Improvements Projects (HCIP) trust fund, supporting the city’s efforts to provide workforce housing. |
