St. Pete approves 20- and 25-story residential towers for urban core
By Breanne Williams
Tampa Bay Business Journal
Published: Jan 10, 2024

Two residential towers that will bring more than 500 units to St. Petersburg have received the next wave of approvals.

The two projects were unanimously approved Wednesday during the St. Petersburg Development Review Commission meeting. The projects have a mix of apartments, parking garages and commercial space, and both towers received preliminary approval from St. Petersburg City Council last week.

City council will have the final decision on the projects at a later date.

Collective Central

Pernicious LLC, linked to PTM Partners, is planning to further develop the 1100 block of Central Avenue — a mixed-use development known as Edge Collective — with Collective Central, a 20-story residential tower.

Fort Lauderdale-based PTM Partners is the master developer of the Edge Collective, anchored by the Moxy Hotel. The group recently proposed a 120,000-square-foot mixed-use community in Sarasota.

The DRC approved a 20-story tower on the Central Avenue property. It will feature 360 residential units, 24,000 square feet of commercial space and a 356-space garage. The developer intends to retain the Moxy Hotel and three buildings with office and commercial space.

Two buildings on the site will be demolished to make way for the new $98.5 million development. The apartments will range from studios to three-bedroom floor plans.

While some residents voiced concerns about traffic and construction, the Edge Business District Association expressed its support for the tower. Staff confirmed the parking garage was situated where the city preferred, off 11th Street South, to reduce traffic.

St. Petersburg-based Storyn Studio is the architect for the project.

The goal of the project is to act as a connection between Central Avenue and the 86-acre Historic Gas Plant District, currently home to Tropicana Field. The city is in negotiations with Hines and the Tampa Bay Rays to redevelop the Trop property.

Valor Capital

Valor Capital’s 25-story tower near the Innovation District will include 152 units. It is estimated to be a $55 million project and is planned for an approximately half-acre parcel at 332, 340 and 344 Fourth St. S. Valor Capital is also the developer of SkyView and Serena by the Sea condominium projects in Clearwater and Dunedin.

The tower will feature a 130-space parking garage and 4,893 square feet of commercial space. Three buildings are currently on the site, all of which Valor Capital intends to demolish for the project. The northern portion of the property will be where the tower is built, leaving a “large uncovered open space” along Fourth Avenue South.

Valor Capital is proposing a $550,000 contribution to the Housing and Capital Improvement Trust Fund for workforce housing.

The development will be a hybrid between a hotel and a residential condominium, allowing owners to offer their residences for short-term rental. The units will be a mix of studios to three-bedroom floor plans.