Downtown St. Pete office landlord Feldman Equities exploring parking garage redevelopment
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jul 1, 2024

One of Tampa Bay's biggest office landlords is exploring the redevelopment of a parking garage in downtown St. Petersburg.

Feldman Equities, based in St. Petersburg, sent an email to tenants in its office tower at 100 Second Ave. S on Monday to address social media posts about the demolition of the building's parking garage. The tower, known as City Center, has an adjacent six-story parking garage, and a redevelopment project on that property that could involve luxury condominiums has been rumored in real estate circles for several months.

In June, Feldman Equities announced it was kicking off a multimillion-dollar renovation of the 242,115-square-foot tower, which was built in 1985.

"Only the parking garage structure is being contemplated for redevelopment," City Center building management wrote in the notice to tenants obtained by the Tampa Bay Business Journal. "The existing office buildings would remain fully operational through and after construction."

Feldman Equities did not respond to a request for comment on Monday.

The parking garage is across the street from Al Lang Stadium and boasts sweeping views of St. Pete's waterfront. It's also next door to Saltaire, a luxury condominium tower built by South Florida-based Kolter Urban. Saltaire's success in that location boosts the credibility of the parking garage site as a viable redevelopment.

If it comes to fruition, it would be Feldman Equities' second attempt at a condo tower in Tampa Bay. The group was the original developer of what's now Pendry Tampa, a hotel and condo tower on the downtown Tampa waterfront. When Feldman Equities CEO Larry Feldman first pitched that project in 2015, it was a mixed-use tower with luxury condos and office space.

In Monday's memo to office tenants, the building managers sought to reassure them that if the redevelopment moves forward, there will be plenty of parking options, including valet. The redevelopment plans also include a new parking garage "with high-speed elevators and LED lighting, which will be opened as soon as possible for use by City Center office tenants and visitors."

The project would also be an upgrade for City Center tenants, the letter said.

"Any new development on the site of the parking garage would include new restaurants and shops that will greatly enhance nearby amenities for City Center tenants," the letter said.

In addition to City Center, Feldman Equities owns the Morgan Stanley Tower, Castille at Carillon and First Central Tower in downtown St. Pete and Park Tower in downtown Tampa.