St Pete Rising - Everything new and coming soon to St. Pete

Ascent St. Petersburg, a 36-story mixed-use building planned for the northwest corner of 2nd Street and 1st Avenue North in downtown St. Pete, took a huge step forward last Friday. The developer of the project, Greystar Real Estate Partners, simultaneously closed on the land and two construction loans.

The 1.26-acre tract of land sold for just under $15.1 million, or about $12.0 million per acre. The transaction represents one of the highest prices per acre ever paid for land in downtown St. Pete.

The recent record price for land in downtown belongs to Kolter Group for their purchase of a parking lot next to the Hilton St. Petersburg Bayfront hotel. That sale, which occurred in October 2019, hit $12.2 million per acre. Saltaire, a 35-story condominium tower, is currently under construction on that site.

One day after Greystar closed on the land for Ascent, a fence was erected around the perimeter of the site, which is situated adjacent to the 16-story Duke Energy building and across the street from the Jannus Block, downtown’s hub for nightlife. Site preparations have already begun, and vertical construction is slated to ramp up in the new year.

A grassy parcel of land which has stood vacant in the center of Downtown St. Pete for more than a decade could soon see activity with a proposed mixed-use project. Global real estate developer and operator Greystar Real Estate Partners is proposing a 36-story, 357-foot tall development on the northwest corner of 1st Avenue North and 2nd Street North, across from the popular Jannus Block. 

The $117 million project, called Ascent St. Petersburg, is designed around a marquee luxury apartment tower which will feature 354 rental units and an adjacent 172-key hotel.

The residential tower fronts 1st Avenue North and sits atop a six-story parking pedestal. Resident amenities include a sixth floor indoor/outdoor amenity deck with a pool and fitness center. The 35th floor of the building will have additional amenity space on an outdoor rooftop deck — likely to be the highest semi-public space in the city.