A long-rumored project took a significant step forward this week, as plans have been submitted for a new hotel and residential tower in downtown St. Pete. The proposed plans call for a 35-story apartment building and 13-floor hotel on the 200 block of 3rd Avenue North, currently home to Fit2Run and The Exchange Hotel.
Filed by KT St Pete Runner, LLC and Ally MW, LLC, the partnership aims to bring a huge transformation to the block and would continue the aggressive development of downtown St. Pete. The extensive project is set to include a parking garage as well as surface level parking, and would certainly require the demolition of existing structures.
According to plans, the hotel would occupy the lot where Fit2Run is currently located, at 256 2nd Street North. The apartment tower would be constructed on the current site of the Exchange Hotel at 234 3rd Avenue North.
The submitted proposal is only that for now – a proposal that will require approval. The Exchange Hotel was built in the 1920s as the Martha Washington Hotel, but while the structure certainly has history, it does not have recognized historic status. While the issue is likely to be discussed, it is not expected to derail the plans.
As the city of St. Pete works to increase housing density, the proposed residential tower would become one of the largest such structures in downtown. Renderings for the hotel appear to include ground-level retail or restaurant/bar space. Stay tuned to I Love the Burg for more updates as this project comes up for approval.