If the project moves forward, it would replace the long-vacant Playhouse Theatre building, which dates back more than a century.
The theater first opened in 1925 as the open-air Patio Theatre before later being converted into an indoor theater and renamed the Playhouse Theatre in 1934.
In the 1950s, the Playhouse continued to show family-friendly films. By the late 1960s, however, the theater had become an adult venue screening pornographic films, and it later operated as a bar during the 1990s.
Through its various iterations, much of the interior of the theatre was removed or stripped of its historic value.
The building does not currently carry a historic designation.
Over the years, several developers explored potential redevelopment concepts for the property, including a food hall, music recording space, and office uses.
Dr. Graves and Dr. Laryngakis, who work for Florida Urology Partners at 830 Central Avenue, purchased the property for $2.7 million in 2021.
In March of last year, demolition and building permits were submitted to the City of St. Petersburg for a separate redevelopment proposal that ultimately never moved forward.
While the affordable apartment tower is still in the early planning stages and specific details could change, Blue Sky Communities already has a sizable footprint in St. Pete’s affordable housing sector.
The company has developed several affordable housing communities in the city totaling roughly 589 units, including the recently completed phases of Skyway Lofts on 34th Street South near 38th and 39th Avenues South.
Blue Sky also previously completed Bear Creek Commons, an 85-unit affordable senior housing community near Gulfport.
At this stage, no formal plans have been submitted to the City of St. Petersburg, and no construction timeline has been announced.