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Tampa developer proposes 28-story apartment tower in downtown St. Pete

Updated: Sep 8, 2023

Tampa-based Ally Capital Group has filed plans to build a 28-story apartment tower in downtown St. Petersburg.

Ally Capital intends to redevelop the Exchange Hotel property at 234 Third Ave. N. The application will go before the St. Petersburg Development Review Commission on July 12.

The project represents a $120 million investment, according to the application, and will have 327 apartments. There will also be a 325-space parking garage, 325 bicycle spaces and 7,890 square feet of ground-floor commercial space. The tower will have a seven-story base upon which will sit 21 stories of apartments. The garage is wrapped with residential units facing Third Avenue. The units will range from studios to three-bedroom floor plans.

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