Downtown Development Update
for Downtown/Central Council
City of St. Petersburg Economic Development Department
City of St. Petersburg Economic Development Department
City of St. Petersburg Economic Development Department
Downtown Snapshot
• More than
– 2,100 businesses
– 15,700 residents (8,400 units)
– 28,000 employees
City of St. Petersburg Economic Development Department
More than $1 billion public/private
dollars invested in the last ten years
City of St. Petersburg Economic Development Department
Location Benefits
City of St. Petersburg Economic Development Department
Community Redevelopment Areas
Downtown has four CRAs (Jamestown, Intown West,
Bayboro, and Intown)
City of St. Petersburg Economic Development Department
Taxable Value of City Redevelopment Districts
Taxable Value (In Millions)
$700
$600
$27.3
$30.3
$28.8
$34.6
$28.8
$32.4
$500
$400
$300
$26.7
$24.0
$26.0
$25.8
$27.7
$29.5
$29.2
$526.6
$200
$100
$27.1
$28.4
$260.4
$287.5
$296.7
1990
1999
2000
$332.2
$575.8
$602.9
2004
2005
$384.9
$0
Source: Pinellas County
Property Appraiser's
Office
2001
2002
2003
Fiscal Years
intown west
bayboro
intown (without Tropicana)
City of St. Petersburg Economic Development Department
Development of Regional
Impact Area
• Most of Downtown is a Development
of Regional Impact Area
• Large-scale developments generally
can save 1 ½ - 2 years and at least
$100,000
City of St. Petersburg Economic Development Department
Incentives Unique to Downtown
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State Enterprise Zone
Urban Job Tax Credit Zone
Federal HUBZone
Florida Brownfield
Transportation Concurrency Exception Area
Historic Preservation Incentives
City of St. Petersburg Economic Development Department
Infrastructure
• I-275, I-175, and I-375 feeders
• Excess capacity grid system
• Within minutes of two international airports and
two deepwater ports
• Mass transit hub
• Wired for high speed networks
• WiFi hotspots
• Improvements to stormwater system
• Pending upgrades to sewer system
City of St. Petersburg Economic Development Department
Amenities
• Major League Baseball
• Seven miles of waterfront
parks
• Six museums including
world-renown Salvador
Dalí
• St. Petersburg Pier
• Hundreds of events
annually
• Largest public marina in
Southeast United States
Dali Museum
Marina and Waterfront Parks
City of St. Petersburg Economic Development Department
City Initiated Investments in Downtown
City of St. Petersburg Economic Development Department
The Leader in Redevelopment
$52 million in public investment was a catalyst for change
• Site Assembly for Bay Walk, Tropicana Field,
USF and two parking garages
• New Land Development Regulations –
encouraging urban densities
• Reclaiming underperforming real estate – FIM/
Bayfront
City of St. Petersburg Economic Development Department
BayWalk
• 206,000 SF of destination
retail anchored by a
84,000 SF, 20-screen
Muvico Theater
• 3 million visitors a year exceeding expectations
• 6 level garage/1,380
parking spaces
• $40 million public/private
development
City of St. Petersburg Economic Development Department
Streetscaping
• $3.6 M for public/private
Bayboro streetscaping
program
• $8 M for improvements
in Downtown retail core
and Dome District
• Signage/entry
monuments
• Landscaping throughout
Downtown
• Reclaimed Water/Fiber
optics
City of St. Petersburg Economic Development Department
Mahaffey Theater Project
$21.4 million
• Bayfront Arena
demolished in Fall 2004
• Mahaffey Theater
Enhancement Project
2005
• Potential Relocation of
the Dalí Museum and
Florida Orchestra
headquarters
• Extension of Waterfront
Park System
City of St. Petersburg Economic Development Department
Municipal Pier Renovations
$50 million
• Serves citizens and
tourists throughout
Pinellas County
• Attracts 1.5 million
visitors annually
• 50% of visitors live
outside Pinellas
County
City of St. Petersburg Economic Development Department
Mixed-Use Transportation Facility
$14 million
• Serve as multimodal
facility designed to
encourage transit
• Leverage private
investment on- and
offsite in areas of
remaining need
• Provide needed
parking facility
City of St. Petersburg Economic Development Department
Progress Energy/Grand Bohemian
City of St. Petersburg Economic Development Department
Residential Boom
City of St. Petersburg Economic Development Department
Residential Overview
• Since 1999, more than 590 new units have
been built, not including conversions
• Currently, more than 900 units are proposed or
under construction
• More than $400 million in permitted value since
1999
• Urban village townhomes, mid-rise lofts and
high-rise condos
City of St. Petersburg Economic Development Department
Urban Village Townhomes
Straub Court
Fareham Place
Charles Court Townhomes
Key West Townhomes
The Madison
City of St. Petersburg Economic Development Department
Arlington Townhomes
Las Ventanas
1010 Central Avenue
3rd Avenue Townhomes
City of St. Petersburg Economic Development Department
Adaptive Reuse Projects
Mirror Lake Condos
The Seville
Detroit Condos
Snell Arcade
Princess Martha
City of St. Petersburg Economic Development Department
Mid-Rise
McNulty Lofts
341 Lofts
5th Avenue Lofts
The Beacon
City of St. Petersburg Economic Development Department
Luxury High-Rise Condos
Parkshore Plaza
Peninsula
Harborage
City of St. Petersburg Economic Development Department
Commercial and Retail
Highlights
City of St. Petersburg Economic Development Department
Overview
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More than 2.5 million SF of commercial office space
Average lease rate $17.04
Vacancy rate 9.6% (Second lowest in the U.S.)
Major industries include health services, legal services,
and financial services
Tropicana Block – Future development site
First Central Tower – Acquisition / renovation
USGS - Expansion
USF- St. Petersburg – Expansion
St. Petersburg College – New Downtown campus
City of St. Petersburg Economic Development Department
Retail Development
Bank of St. Petersburg
University Village
4th Street N Retail
City of St. Petersburg Economic Development Department
Hotel/Tourism Development
Hampton Inn
Pennsylvania Expansion
Vinoy Addition
City of St. Petersburg Economic Development Department
Medical Services Industry
St. Anthony’s Cardiac Care Facility
Pediatric Research Center
All Children’s Hospital Expansion
City of St. Petersburg Economic Development Department
Education and Research Facilities
USF Dormitories
NOAA and USF-SP
SPC Downtown Campus
USF Parking Garage/Bookstore
USGS
City of St. Petersburg Economic Development Department
Arts and Entertainment
Tropicana Field
Museum of Fine Arts
The Arts Center
Bay Walk
City of St. Petersburg Economic Development Department
Arts on Eighth District
• Arts-inspired urban village
• CitiLife’s two-phase project ranging from
$180,000 to $300,000 :
– The Muse Loft- 10-unit, two-story project
– The Imagine Lofts - 150-unit project, will be
located in three buildings
• Calla Terrace by Versaggi Properties - 15-unit
townhome development - completely under
contract- with prices ranging from $130,000 to
$159,000
City of St. Petersburg Economic Development Department
What is the Potential Buildout
for Downtown St. Petersburg?
City of St. Petersburg Economic Development Department
Potential Downtown Development Sites
City of St. Petersburg Economic Development Department
Projected Development (2005 - ca.2025)
Period
DUs
Retail
Office
Pending Construction
2,747
431,051
2,210,053
1-5 yrs
294
88,000
250,000
5-10 yrs
714
139,000
1,091,826
3,328
200,000
200,000
7,083
858,051
3,751,879
Projected Development
After 10 yrs
Total
City of St. Petersburg Economic Development Department
Where the Sun Shines on
Opportunity Every Day!
• A changed city
• A leader in
redevelopment
• Serious contender
for relocation
• Most livable
downtown in the
Southeast
• Proactively preparing
for tomorrow
City of St. Petersburg Economic Development Department
Thank you for your time!
City of St. Petersburg Economic Development Department