Yesterday, the City of St. Pete administratively approved a site plan and density bonuses for a 23-story apartment tower proposed for the southeast corner of 3rd Avenue North and 5th Street across from the Mirror Lake Community Library in downtown St. Pete.

The 0.94-acre property was purchased in January for $15.5 million by Las Vegas-based Ault Global Real Estate Equities (AGREE), a subsidiary of BitNile Holdings, and Schock and Haywood Development led by Aaron Schock and Josh Haywood.

Back in 2018, a 21-story mixed-use residential building was approved by the City’s Development Review Commission. Although that approval is still in effect, the new owners have opted to redesign the building with a modernized design.

The new $75 million proposal calls for a 23-story mixed-use tower containing 285 apartments, 10,000 square feet of retail space, 303 bicycle spaces, and a 282-space parking garage which is above the 192 spaces required by code.

"When we acquired the property in January, our goal from the start was to breathe fresh air into the design and create an aspirational apartment community,” said Haywood in an interview with St. Pete Rising. “By approving our site plan yesterday, we are glad to see the City of St. Pete has that goal as well and continues to be an important and valuable stakeholder in this process."

Community amenities will include a 6,000 square foot gym, which represents the largest apartment gym in the entire Tampa Bay area. Overlooking Mirror Lake on the 5th floor, the gym will be filled with high-end weight training equipment, a yoga and spin cycling room, a 1,000 square foot outdoor CrossFit area, locker rooms, and a full-size sauna. 

On the 6th floor, an expansive 15,000 square foot amenity deck will feature a resort-style pool, grilling and outdoor dining, fire pits, and coworking space overlooking the pool.

Additionally, a game room will be situated on the first floor and will contain a two-lane bowling alley and golf simulation room.

The 10,000 square foot ground-level retail space will be occupied by restaurants with outdoor seating options along 5th Street.

The property is situated in the Downtown Center-1 (DC-1) zoning district which allows for intense mixed-use development that enhance and support the downtown core by providing appropriate pedestrian amenities, pedestrian linkages, ground level retail, and cultural activities.

The proposed tower will soar to a height of 264 feet, which is below the maximum building height of 375 feet permitted in DC-1.

The project will also utilize Floor Area Ratio (FAR) exemptions and bonuses to achieve a 7.0 FAR. The developer will receive a 1.0 FAR bonus for contributing to the city's Housing Capital Improvements Projects (HCIP) trust fund, a 2.0 FAR bonus by purchasing nearby Transfer of Development Rights (TDRs), and a 1.0 FAR bonus by hiding or lining the parking structure with residential units.

The developers, Schock and Haywood, have offices in Atlanta and Miami with five apartment communities in development between Florida and Georgia.

Managing Partner Josh Haywood has been a developer for two large national real estate firms including Cortland Partners and Transwestern Development, overseeing the execution of 3,406 residential apartment units.

Managing Partner Aaron Schock was a three term United States Congressman being first elected as the youngest member of Congress at the age of 26. Since his time in Congress, he has been focused on developing hotels across the U.S. His most notable development includes New York City’s first 6-star hotel the Hotel Barriere Le Fouquet set to open its door in 2022. 

For their downtown St. Pete development, Schock and Haywood have enlisted George F. Young as the civil engineer, Behar Peteranecz as the architect, Booth Design Group as the landscape architect, KAST Construction as the general contractor, and Hirsch-Bedner Associates (HBA) as the interior designer.

The project is expected to break ground this September with a completion slated for fall 2024.