22-story residential building approved for 3rd Avenue South in downtown St. Pete

The City of St. Petersburg’s Community Redevelopment Agency (CRA) has approved a 22-story residential building proposed for 511 3rd Avenue South. The 0.92-acre site is currently home to an office building, a surface parking lot, and undeveloped land.

The property is owned by a subsidiary of EquiAlt LLC, a financial management company headquartered in Tampa.

The project is located on a 0.92-acre site at 3rd avenue south and 5th street in downtown st. pete

In 2020, the company was accused by the U.S. Securities and Exchange Commission of perpetuating a $170 million Ponzi scheme and misappropriating investors’ money. That case, Securities and Exchange Commission v. EquiAlt LLC. et al., is a civil action that resulted in EquiAlt going through a receivership process to return investors’ funds.

The developer is listed as Focus Acquisition Company LLC, which is currently under contract to purchase the property from EquiAlt for $20,250,000.

The appointed receiver, Burton Wiand, is acting on behalf of EquiAlt. Focus Acquisition Company LLC is an entity related to Focus, a Chicago-based real estate developer and general contractor.

The proposed building will have 335 residential units, 11,560 square feet of commercial space, and a 382-space parking garage. About 5% of the residential units will be workforce housing.

PLANS FOR THE GROUND FLOOR INCLUDE RETAIL SPACE, RESIDENT AMENITIES, AND A LOBBY

According to a site plan, in addition to offering retail space, resident amenities will include a 2,240-square-foot fitness center, 2,240-square-foot co-working space, dog-washing room, and plenty of bicycle and scooter parking.

The project’s estimated value, according to the CRA application, is $72 million. The approved building would reach a height of 285 feet.

According to the CRA, the property is subject to the city’s Intown West Redevelopment Plan (IWRP), whose goal is “to create an area that is largely independent of the Tropicana Field site while capitalizing on being adjacent to it.”

The CRA’s statements in the application are generally favorable to the proposal: “The project will further the desired development pattern and visual identity of Intown West and continue the westward growth of downtown,” says the City’s staff report.

“Currently, the subject site is underutilized, containing surface parking and an outdated office building, which has exceeded its useful life. The redevelopment of this property will help in achieving many of the goals of the IWRP, especially the focus on new residential development in Intown West, along with the desire to reduce or eliminate surface parking within downtown.”

No timeline for construction has been announced.