January 11, 2025

New Downtown Redevelopment Opportunity in St. Petersburg

News Summary

A prime redevelopment site has become available in St. Petersburg at 125 5th Street South, just a block from Central Avenue. This 0.71-acre site features an 11,357-square-foot office building currently occupied by Wells Fargo Bank, whose lease ends in June. With zoning classified as Downtown Center-1, this site presents a significant opportunity for mixed-use development. Its strategic location and growing interest from developers suggest a transformative future for downtown St. Petersburg.

Exciting Times Ahead for St. Petersburg with New Downtown Redevelopment Opportunity!

St. Petersburg is buzzing with excitement as a prime redevelopment site has just hit the market! Located at 125 5th Street South, just a block away from the bustling Central Avenue, this site offers a fantastic opportunity for developers looking to make their mark in the city.

Perfect Location with Stunning Potential

What makes this site so appealing? Well, for starters, it’s strategically situated right across the street from the stunning 46-story Residences at 400 Central, a high-rise that’s set to open its doors later this year! This means the area is shaping up to be a hot destination for both residents and visitors alike.

A Glimpse into the Property

This property is not just a vacant lot; it boasts an 11,357-square-foot office building, which is currently home to Wells Fargo Bank. Built back in 1979, this two-story structure has been a fixture in the area for years. However, Wells Fargo’s lease is coming to an end in June and will not be renewed, paving the way for fresh possibilities!

The site covers 0.71 acres and comes complete with a 23-space surface parking lot, giving potential developers ample room to explore various options. With zoning classified as Downtown Center-1 (DC-1), developers have the green light to dive into significant density and flexible mixed-use development. Basically, the possibilities are wide open here!

Growing Interest from Developers

Proximity to Key Attractions

Florida Holocaust Museum, where history thrives, and just a hop away from Tropicana Field, home of the Tampa Bay Rays and a hub for major events. This proximity makes the site an incredibly enticing prospect for any developer looking to bring more life to this part of St. Petersburg.

Community Considerations

16-story Lutheran Apartments, as their units face north and south. This means any new constructions in the area can move forward with an eye on preserving some of the awesome views already enjoyed by locals.

In a Nutshell

Deeper Dive: News & Info About This Topic

HERE Resources

Redevelopment Opportunity in Downtown St. Petersburg
St. Petersburg Secures $160 Million for Hurricane Recovery
New Apartment Tower Proposed for Downtown St. Petersburg
New Apartment Tower Planned for Downtown St. Petersburg
Tangerine Plaza Redevelopment Approved by City Council
State of Science Event Set for St. Petersburg in 2025
St. Petersburg City Council Welcomes New Members
St. Petersburg Steps Up for Affordable Housing Development
Artist Talk and New Developments at Morean Arts Center
St. Petersburg Advocates for Cultural Sustainability

Additional Resources

Author: STAFF HERE PETERSBURG WRITER

ST PETERSBURG STAFF WRITER The ST PETERSBURG STAFF WRITER represents the experienced team at HEREStPetersburg.com, your go-to source for actionable local news and information in St Petersburg, Pinellas County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Grand Prix of St. Petersburg, Localtopia, and SHINE Mural Festival. Our coverage extends to key organizations like the St. Petersburg Area Chamber of Commerce and St. Pete Downtown Partnership, plus leading businesses in finance, manufacturing, and healthcare that power the local economy such as Raymond James Financial, Jabil, and Bayfront Health St. Petersburg. As part of the broader HERE network, including HEREJacksonville.com, HEREOrlando.com, HERETallahassee.com, and HERETampa.com, we provide comprehensive, credible insights into Florida's dynamic landscape.

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STAFF HERE PETERSBURG WRITER

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