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St. Petersburg gives the green light to more than 400 new apartment units

28-story tower at Exchange Hotel site

Tampa-based Ally Capital Group plans to build a 28-story tower at the site of the Exchange Hotel in downtown St. Petersburg.

The $120 million project is located at 234 Third Ave. N, will bring 327 apartments, a 325-space parking garage, 325 bicycle spaces and 7,890 square feet of ground-floor commercial space to the site. The garage will be wrapped with residential units facing Third Avenue.

Plans show the units will feature a range of studios to three-bedroom floor plans. The apartment tower will sit on top of a seven-story base. The development team also includes Behar and Peteranecz Architecture.

The developer will demolish the Exchange Hotel to make way for the tower.

After an extensive public hearing, the DRC determined that since the existing hotel was not a historic structure, it could be demolished and redeveloped. The hotel was “potentially eligible” for historic preservation, but no applications were ever filed to go through the process.

Ally Capital will provide $1.2 million to the city’s Housing Capital Improvements Projects trust fund following the DRC’s approval to give the apartments a floor area ratio bonus.

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