Hundreds of parking spaces in downtown St. Petersburg’s city-owned garages and lots would be made available to a private developer for the next 3½ years under agreements heading to City Council Thursday.
The three agreements would give City Center STF LP access to 430 spaces at public parking facilities to accommodate office tenants whose parking would be displaced by construction of the planned Waldorf Astoria Residences, a luxury condominium tower with an estimated cost of $500 million.
The agreements are scheduled to take effect Dec. 1, according to city officials. The developer would pay the city $38,200 per month initially, with annual rate increases. Two six-month extensions are also possible.
City officials say there is enough room to accommodate the additional vehicles without displacing existing monthly parking customers.
“The allocations for these agreements are current excess capacity,” city spokesperson Samantha Bequer said in an email. “No other public monthly parkers are being cancelled or non-renewed to create room for these additional vehicles.”
Bequer said the city also does not anticipate parking shortages. Most major downtown events occur outside typical office hours, she said, and the agreements include restrictions intended to prevent conflicts during busy periods.
The largest share would come from the Mahaffey Theater parking garage, where 250 spaces would be available to the developer. Another 70 would be designated at the Al Lang Stadium parking lot, with the remaining 110 at the South Core parking garage on Central Avenue.
Most spaces would cost $90 per month, while 50 spaces on the upper levels of South Core would cost $80 each. Bequer said the rates are based on what other monthly parkers pay, with a premium for reserved spaces at Al Lang.
The developer would not have unrestricted use of the facilities. Access would be limited to specified daytime hours, with parking unavailable during designated events including Rowdies games, the Saturday Morning Market and the Grand Prix.
The parking arrangements are tied to one of downtown’s largest proposed construction projects.
As previously reported by the Catalyst, the Waldorf Astoria Residences is planned as a 50-story tower with 163 luxury condominiums, new office space and ground-floor commercial uses.
Construction would require demolishing the existing City Center parking garage at 150 Second Ave. S. The neighboring office tower at 100 Second Ave. S. would remain, leaving its tenants in need of parking during redevelopment.
PMG, the Miami-based developer leading the project, confirmed that the proposed agreements are intended to accommodate those office tenants.
City permit records show that City Center STF LP applied June 29 to demolish the parking garage. A separate application filed July 29 lists foundation work valued at $12.4 million, with Juneau Construction Company identified as general contractor.
Both applications remained under review when checked Monday.
Victoria Portal, a public relations representative for PMG, said the developer had no new construction updates to announce but expected to share more information soon.