Currently, the site is home to six small apartment buildings that were vacated a few years ago. In documents submitted to the city in 2018, it was noted that the existing buildings were previously analyzed for consideration to be added to the List of Eligible Properties for potential historic designation. However, it was determined by the city that the existing buildings did not meet the criteria for historic designation.
The architect for the new development is St. Pete-based Behar Peteranecz. Total project cost is estimated at $114 million.
“We are optimistic about the potential to create a project that is consistent with St. Petersburg’s development standards for the historic neighborhood,” said Milton “Todd” Ault III, Founder and Executive Chairman of BitNile. “We have a team of professionals to execute and bring the 301,000 square foot mixed-use tower to fruition.”
Construction is expected to commence in August 2022 with completion estimated in the second quarter of 2024.