Spanning over 1.5 million square feet, the project would surpass the scale of the 46-story Residences at 400 Central, which clocks in at 1.2 million square feet and will be the tallest residential building on Florida’s Gulf Coast once it’s completed later this year.
The 3.05-acre site was once part of a larger proposed development that would have included a 75,000-square-foot Moffitt Cancer Center, a 30-story apartment tower, a 14-story hotel, and a future development pad for UPC Insurance expansion.
That plan, which required city funding, was ultimately rejected by St. Petersburg Mayor Ken Welch, citing a lack of affordable housing, among other concerns. This newly proposed development does not seek city funding.
Third Lake Partners acquired the eastern half of the property in 2022 for $10.5 million, and in January 2025 purchased the western half from the City for $10.0 million, which was encumbered by a 60-year parking lease that the adjacently owned property controlled.
According to the development application, the proposed design prioritizes pedestrian-friendly streetscapes, shaded walkways, and active ground-floor uses to foster urban vibrancy.