St. Petersburg has enjoyed nine consecutive years of growth, and as the city enters the beginning of a new decade, that trend continues. Once dubbed “God’s waiting room,” St. Petersburg has undergone a renaissance and the city has emerged as a destination for arts and culture, technology, business, and dining. Big things are projected for the city in upcoming years, with numerous projects already under way and 34,998 construction permits granted in 2019 alone.
As St. Pete grows, new residents and businesses create significant demand for housing and office space, and developers are hard at work to fulfill the growing demand. 313,000 square feet of new office space is currently underway, as downtown office vacancy is at a record low of 9.4%. Upcoming public-private partnerships that will contribute to this new downtown office space include the former Police HQ in the EDGE District, DeNunzio Group and Red Apple Real Estate’s mixed-use developments, and UPC’s new headquarters. Additional proposals are being reviewed for the Municipal Services building renovation that could create as much as 250,000 sq. ft. of Class A office space in the heart of downtown St. Pete, where the city is seeing the highest demand
Housing developments for new and existing St. Pete residents are also popping up all over the city. In 2019, 10,886 units in downtown St. Petersburg were either built, under construction, or permitted. Three projects – 1701 Central, Vantage Lofts, and Artistry Apartments – are nearing completion at Central Avenue & 16th Street. Located just south of downtown, the Innovation District will be home to 132 new units at The Exchange, and The Vibe will be breaking ground on 219 units at the former Onyx nightclub on 2nd Avenue South. Other apartment and condo buildings on the horizon include Ascent St. Pete and Reflection, an apartment tower near Mirror Lake. The addition of these apartments to the city’s landscape benefits renters, keeping rent growth in check as the high demand for units is met.
An influx of people flocking to St. Pete means more opportunity for restaurant and bar owners to create unique concepts, like food halls and craft bars. Recently announced additions to St. Pete’s already trending foodie scene include the city’s first cat cafe, Grand Central Brewhouse, a 3-story food hall at Dome Grill’s former location, wine bar-book store combo Book + Bottle, and Par Bar, a mini-golf/bar combination. In addition to the exciting growth of its foodie scene, St. Pete is also expanding its arts attractions. The Museum of the American Arts & Crafts Movement is set to open its doors later this year, along with indie movie theater Green Light Cinema.
Similar development is noticeable throughout all of the city’s unique districts. Perhaps the most noteworthy revival is the St. Pete Pier, which features a sculpture by renowned artist Janet Echelman and is scheduled to open Spring 2020. St. Pete’s eclectic EDGE District continues to grow with two new hotels, a food hall, and the addition of new co-working space that will amplify the neighborhood’s already vibrant local dining and shopping scene. Nearby, Tropicana Field site development is in its early conceptual phases and will someday further enrich the EDGE district and surrounding downtown areas. The Central Arts District is anticipating historic State Theater’s grand reopening later this year. The Warehouse Arts District has also been revived with the relocation of St. Pete favorite Daddy Kool Records and the coming addition of The Factory, an art-focused coworking space.
In 2019, construction values in St. Pete reached $782.9 million, with residential, commercial, and mixed-use developments attracting new developers every day. Those numbers will continue to rise as more businesses choose St. Petersburg as their headquarters, bringing increased economic activity and more residents along with them. As it attracts national attention as a vacation destination, tech hub, and corporate paradise, there’s no doubt that big things are on the horizon in the Sunshine City.
