Revised plans will soon be submitted to the city for a new mixed-use development at 900 Central Avenue in St. Petersburg’s EDGE District.
In May 2021, the site plan for the project, including floor area ratio (FAR) bonuses, was administratively approved by the City’s Development Review Services Division. The developer is now seeking final approval by the Community Redevelopment Agency (CRA).
Houston-based The Dinerstein Companies is under contract to purchase the site, which is currently owned by Silver Sands GND, LLC, an entity managed by St. Petersburg resident Dr. Anthony Aboud. Terms of the sale were not disclosed.
The revised proposal shows a 14-story building to be constructed on a 0.83-acre site at corner of Central Avenue and Dr. Martin Luther King Jr. Street. The property is currently home to a building that houses Anytime Fitness, among other local businesses.
The proposed development would include 205 residential units, 9,961 square feet of retail space, and a 205-space parking garage. Retail space will front Central Avenue and Dr. MLK Jr. Street while a residential lobby will be located on the southeast corner of the site along 1st Avenue South. The total height of the building will be 150 feet.
The unit mix will consist of 34 studios, 116 one-bedroom units, and 55 two-bedroom units ranging in size from 512 to 1,139 square feet.
Residential units will be located on floors 2 through 14 with resident amenity areas on the 6th floor, including a lounge, outdoor deck, and co-working space. Indoor and outdoor fitness areas will also be located on the 6th floor.
Additionally, the roof will include a 6,000 square foot pool deck with an 1,800 square foot pool.
The site of the new development is currently home to the EDGE District’s oldest remaining building, which is credited with being pivotal in downtown St Pete’s westward development. Despite the building’s age and significance, it is not listed on the local or national historic registers.
However, thanks to efforts from Preserve the Burg and the EDGE District Business Association, the developer has agreed to preserve the façade of the building, which will be incorporated into the new development.
The property is zoned Downtown Center-1 (DC-1) which allows for a base Floor Area Ratio (FAR) of 3.0 and a maximum FAR of 7.0. The project has been approved for a total FAR of 5.0 and will be incorporating 21 income-restricted workforce housing units to achieve the additional 2.0 FAR.
Including on-site workforce housing is not common for new real estate development in downtown St. Pete. Typically, in order to obtain a workforce housing density bonus, developers opt to pay into the city’s Housing Capital Improvements Projects (HCIP) trust fund in lieu of providing workforce housing units.
The current proposal for 900 Central Avenue is a pleasant exception to recent development trends.
Total construction value is estimated at $58.1 million. A timeline for construction was not announced and it is not yet known what will happen to the existing retail tenants.
The project will be seeking Community Redevelopment Agency (CRA) approval at an upcoming City Council meeting.
