Back in December, St. Pete Rising reported that the City of St. Pete received an unsolicited offer from New York-based development firm Property Markets Group (PMG) to purchase and redevelop the Municipal Services Center at 1 Fourth Street in Downtown St. Pete. PMG has now partnered with Feldman Equities, the largest owner of office space in St. Petersburg, for their proposal. Preliminary designs were completed by Gensler, a world-renowned architectural design firm, which is working on Tampa’s Water Street development.
The proposal calls for a striking 415-foot mixed-use tower along Central Avenue that appears to be around 30 to 35 stories. The building would have around 400 residential units along with at least 150,000 SF of Class A office space. The ground floor would be activated by ground-floor retail and could feature a public plaza facing Williams Park. The base of the building would feature a 1,000 space parking garage, part of which could be converted to office space in the future, and would be shielded by hanging greenery. The group intends on seeking LEED certification for the building.
To replace the MSC building, the group would also develop a 180-foot mixed-use building along 2nd Avenue North featuring 120,000 SF of Class B+ office space, which would be fully leased by the city, along with 220 residential units. Of these units, 20% would be dedicated to workforce housing. The building would also have ground-floor retail and 500 parking spaces.
“We’re excited to be in the running for this transformative opportunity in the heart of downtown St. Pete. Our proposal provides the lowest possible cost for the city’s new office space, activates a long-dormant stretch of Central Avenue, and delivers much-needed new office space to the downtown core,” says PMG / Feldman Equities in a statement to St. Pete Rising. “We worked hard on it and have already engaged some of the best consultants, architects, and financial advisors available.”
Property Markets Group (PMG) / Feldman Equities:
Renderings of PMG / Feldman’s Central Avenue concept building.
If you have a Tampa Bay Business Journal subscription you can read an additional article here. Feldman Equities, which specializes in office properties, is partnering with Miami-based Property Markets Group in its bid on the Municipal Services Center property in downtown St. Pete.