St. Petersburg leaders approve plans to transform storm-damaged tower.

Plans to demolish a long-vacant, storm-damaged tower in downtown St. Petersburg are advancing, signaling a significant shift in the area’s urban landscape. Stakeholders have voiced optimism about the impending change as the project progresses.

The Gianco Companies, based in Tampa, intends to replace the deteriorating 11-story edifice located at 300 Central Avenue with a new 74-key branded hotel. This redevelopment follows extensive damage inflicted by Hurricane Milton, which compromised the building’s facade and altered its structural integrity. Initially, the CEO of Gianco Companies, Steve Gianfilippo, envisioned restoring the nearly century-old structure. However, the recent storm’s impact necessitated a reevaluation of those plans.

On Thursday, the St. Petersburg City Council unanimously determined that the proposed demolition and subsequent construction align with the city’s downtown redevelopment agenda. A determination regarding the extent of damage to the structure will guide the developer’s next actions. This decision could expedite the process, allowing for immediate demolition if it is assessed that repairs would exceed 49% of the building’s value.

Council member Gina Driscoll expressed her relief regarding the project’s progression, stating that stakeholders have long awaited action for the site, which has remained in disrepair primarily due to storm damage. Zoning official Corey Malyszka suggested that it is likely the building will be classified as substantially damaged, providing Gianco Companies with the opportunity to proceed to demolition without further delay.

In anticipation of potential demolition, the developer has taken precautionary measures such as installing netting around the structure to safeguard pedestrians and vehicles from falling debris. As approvals for demolition permits are processed, attention is focused on the potential for a rapid demolition followed by new construction.

Originally built in 1925, the structure has undergone various transformations, serving at different times as retail, office space, and most recently as the Coronet 300 apartments. Gianco Companies, which acquired the building in 2017, initially sought to convert it into luxury apartments and short-term rental units. However, market conditions shifted, prompting a focus on developing additional lodging options in light of downtown’s increasing residential density.

The planned hotel development is projected to cost approximately million and will include street-level commercial space and a bar, alongside a smaller mezzanine area for additional retail. The new hotel is designed to feature a covered patio adjacent to the lobby, an exterior deck on the eighth floor, and a rooftop area.

However, parking concerns remain a contentious topic. The hotel will provide only 23 parking spaces under a preliminary agreement with the First Central Tower, raising questions from city council members regarding the overall impact on local infrastructure and the potential for exacerbating existing parking challenges downtown.

As the city navigates the complexities of redevelopment, officials are mindful of controlling blight and encouraging timely progress on this pivotal project, aiming to revitalize central St. Petersburg while addressing community infrastructure needs.

This content is sourced from Media News Source.