Tampa developer proposes 28-story apartment tower in downtown St. Pete
By Breanne Williams
Tampa Bay Business Journal
Published: Jul 6, 2023

Tampa-based Ally Capital Group has filed plans to build a 28-story apartment tower in downtown St. Petersburg.

Ally Capital intends to redevelop the Exchange Hotel property at 234 Third Ave. N. The application will go before the St. Petersburg Development Review Commission on July 12.

The project represents a $120 million investment, according to the application, and will have 327 apartments. There will also be a 325-space parking garage, 325 bicycle spaces and 7,890 square feet of ground-floor commercial space. The tower will have a seven-story base upon which will sit 21 stories of apartments. The garage is wrapped with residential units facing Third Avenue. The units will range from studios to three-bedroom floor plans.

The eighth and 28th floors will have a mix of indoor and outdoor amenities, including a rooftop pool, club room, lounge and fitness center. The tower will be approximately 330 feet tall.

The developer will demolish the Exchange Hotel to make way for the tower. The project will create an “active residential corridor connecting the Mirror Lake district to Beach Drive downtown,” according to the application.

The development team also includes Behar and Peteranecz Architecture.

Next door, The Kolter Group recently announced plans to build a Tempo by Hilton hotel at the site of the former Fit2Run store. While Kolter had been in talks to partner with Ally Capital for the apartment tower, a Kolter executive told the Tampa Bay Business Journal that the developer is not involved in the Exchange Hotel project.