A Naples developer has purchased the hurricane-battered office tower that once housed the Tampa Bay Times along with a long-shuttered historic building on the same block for a combined $32.5 million.
The plan is to demolish the office tower, preserve the historic building and add a high-rise condo to the site, said Keith Gelder, president of Stock Development.
“The building has been sitting empty and damaged for some time so I think everyone is looking forward to the next chapter,” he said.
No deed has been recorded for the office tower at 490 First Ave. South, but Gelder said his company paid $18 million.
The office has been added on to several times over the years, but the original structure, in the middle of the block, was built in 1924. It has sat vacant since 2024, when wind gusts from Hurricane Milton caused a construction crane on the neighboring Residences at 400 Central condo to fall onto the office.
The other property is the historic Tramor Cafeteria. Built in 1929, the Mediterranean revival-style building at 123 Fourth Street S was most recently occupied by a now-shuttered beer hall called Hofbrauhaus.
The building was supposed to be turned into a golf simulator lounge, but those plans were scrapped.
Stock Development paid $14.5 million for the property, according to a deed filed with the Pinellas County Clerk’s Office.
The Tramor building is a local historic landmark, which means it can’t be torn down or significantly altered. Gelder said they are working with the city to figure out the best way to incorporate it into the condo project.
“I think it would make a terrific standalone restaurant,” he said.
Gelder said they will apply for permit to demolish the Times building immediately. Before the building can come down, however, they’ll have to relocate a Duke Energy electrical switch located on the site.
This is Stock Development’s second major condo project in the Tampa Bay area. Last year, the company purchased 601 N. Ashley Drive in downtown Tampa for $40 million and announced plans to build what could be the city’s tallest skyscraper.