Greenleaf Capital hoped to make a splash by sinking $33 million into the Tierra Verde Marina’s future. The development firm has since updated its plans after encountering headwinds.
Tampa-based Greenleaf based its revisions, unveiled Wednesday, on extensive feedback from residents, the maritime community and City of St. Petersburg staff. The multi-phased project will feature a public restaurant and third-story bar, increase high-and-dry storage capacity to 711 racks and offer between 2,400 and 3,000 square feet of new retail space.
The existing dry storage facility will remain operational during the first phase; Greenleaf will add 236 new racks, bringing the total to 548. Former Mayor Rick Kriseman, who serves as the project’s spokesperson, noted the existing marina is 40 years old and “showing its age.”
“We’re looking forward to providing a real, first-class facility that upgrades what’s already there,” Kriseman told the Catalyst. “It provides a lot more opportunities for boaters and non-boaters than what currently exists.”
The project’s first phase features a new restaurant, bar, marina office and pool.
The City of St. Petersburg annexed 28 acres in Tierra Verde, including the marina, in 2008. Greenleaf purchased the property at 100 Pinellas Bayway South for $5 million in 2011, and Kriseman became mayor in 2014.
The marina currently features 314 high-and-dry racks within a 58,000-square-foot storage facility and 64 wet slips, which will remain unchanged. Green Leaf will demolish the site’s 24,000-square-foot shopping center and gas station.
The firm will build a waterside marina office, new retail space that could house up to three small “maritime-adjacent” businesses, an amenity building with an outdoor pool and lounge deck for members and a 2,581-square-foot restaurant, dubbed Harbor House.
Harbor House will feature outdoor balcony seating on the second floor, and a 2,465-square-foot bar will sit atop the restaurant. Kriseman said the establishment would help fill the area’s fine dining void.
He also noted that aesthetic upgrades would better align with the surrounding neighborhood’s architecture. However, the overarching goal is to revitalize the waterfront and support the local boating community.
“There are waiting lists at most marinas for people who want to high-and-dry their boats,” Krisman added. “It’s going to fill a desperately needed need.”
An expanded Tierra Verde Marina will become Florida’s second-largest boat storage facility. Pinellas County also has the second-highest number of registered boats, approximately 54,000, in the state.
The 2024 hurricane season displaced many boatowners and their vessels, increasing the need for storage options. A developer continues acquiring marinas and maritime facilities around Salt Creek, exacerbating the issue.
“I think you’re going to see a lot of folks in St. Pete who were looking for an alternative … some of whom may not even be back in their house yet from the storms,” Kriseman said. “I think this is going to be a very attractive option.”
He believes the marina’s location will entice boaters in Tampa, who can “store their boat here and be out in the Gulf in 15 minutes.” Kriseman said that would save time and fuel, which is better for the environment.
The project also includes a stormwater system that will double the current capacity. Construction will take place away from the waterfront and adhere to strict building standards.
Concerns, centered around building height and traffic impacts, persist. Greenleaf seeks a 15-foot height bonus to build the nine-story, 90-foot-tall storage facility.
A Residence Inn across the street is 85 feet tall. Kriseman said a traffic study found that the demolition of the retail plaza and Shell service station would offset impacts from the redevelopment.
He added that daily shoppers are “much more frequently on the road” than boaters. The marina has averaged 13 boat launches per day over the past three years.
“I think it’s a fear they (opponents) have that is not factually based or bounded in what will be the reality,” Kriseman said.
The project’s second phase will bring a new nine-story storage facility to the site.
Greenleaf added the retail and restaurant components after initially meeting with stakeholders. The developer has also changed the aesthetics “pretty dramatically” and increased the amount of landscaping.
Kriseman said Greenleaf subsequently changed the orientation of the bar and restaurant to minimize noise impacts on the adjacent neighborhood. “I think there is a really strong effort that this developer is making to address the concerns that the community has.”
Tierra Verde Watersports has offered public boat and jet-ski rentals for over 30 years and will continue operating from the marina. The Suntime and Freedom Boat Clubs and the Tampa Bay Pilots Association, which guides large vessels through the shipping channel, will also remain at the facility.
“When we purchased the marina in 2011, our goal was to preserve and strengthen its legacy as a landmark destination for the boating community,” said Dr. Michael Coffey, executive vice president of Greenleaf, in a prepared statement.
“This redevelopment is an exciting opportunity to modernize and enhance the property while expanding much-needed boat storage in St. Petersburg.”
Site work will commence following the City’s approval in December. Greenleaf expects to complete the first phase in approximately 18 months and begin the second, which includes the new storage facility, about two years later.