Stock Development also acquired the neighboring Tramor Cafeteria property at 123 4th Street South for $14.5 million.
Built in 1929, the former Hofbräuhaus is designated historic and cannot be demolished. The developer has said it will work with historic preservation officials to determine how the structure can be incorporated into the larger project.
On September 18th, the City of St. Pete approved and issued a partial demolition permit for the former Times building. The work is structured in two phases, according to a statement from the city.
Phase one allows for interior demolition, asbestos removal, and utility disconnections. Before structural demolition begins, the developer must secure and cap the building’s water, sewer, and gas connections and lock out the electrical service.
Phase two will include full structural demolition of the building, along with right-of-way work and site restoration. The city said no additional demolition permit is required.