Naples developer buys hurricane-damaged St. Pete office tower with plans for high-rise condos
By Emma Behrmann
Tampa Bay Business Journal
Published: Jun 22, 2026

The downtown St. Petersburg office building destroyed by a toppled construction crane during Hurricane Milton has been sold to a Naples developer who plans to build luxury condos on the property.

Stock Development purchased the office building at 490 First Ave. S and an adjacent historic building for a combined $32.5 million. President Keith Gelder said the plan is to demolish the damaged office tower, preserve the historic Tramor Cafeteria and build a high-rise condo tower on the site. Atlanta-based real estate investor Robert Mason sold the office building, and Nuri Erol, who attempted to revamp the Tramor Cafeteria, sold the historic property that was last home to Hofbräuhaus.

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