Downtown Development Update for Downtown/Central Council
More than Downtown Snapshot 2,100 businesses 15,700 residents (8,400 units) 28,000 employees
More than $1 billion public/private dollars invested in the last ten years
Location Benefits
Community Redevelopment Areas Downtown has four CRAs (Jamestown, Intown West, Bayboro, and Intown)
Taxable Value (In Millions) $700 $600 $500 $400 $300 $200 $100 Taxable Value of City Redevelopment Districts $28.8 $28.8 $32.4 $34.6 $27.3 $30.3 $29.5 $27.1 $29.2 $28.4 $24.0 $25.8 $26.0 $27.7 $575.8 $602.9 $26.7 $526.6 $384.9 $332.2 $260.4 $287.5 $296.7 $0 Source: Pinellas County Property Appraiser's Office 1990 1999 2000 2001 2002 2003 2004 2005 Fiscal Years intown west bayboro intown (without Tropicana)
Development of Regional Impact Area Most of Downtown is a Development of Regional Impact Area Large-scale developments generally can save 1 ½ - 2 years and at least $100,000
Incentives Unique to Downtown State Enterprise Zone Urban Job Tax Credit Zone Federal HUBZone Florida Brownfield Transportation Concurrency Exception Area Historic Preservation Incentives
Infrastructure I-275, I-175, and I-375 feeders Excess capacity grid system Within minutes of two international airports and two deepwater ports Mass transit hub Wired for high speed networks WiFi hotspots Improvements to stormwater system Pending upgrades to sewer system
Amenities Major League Baseball Seven miles of waterfront parks Six museums including world-renown Salvador Dalí St. Petersburg Pier Hundreds of events annually Largest public marina in Southeast United States Dali Museum Marina and Waterfront Parks
City Initiated Investments in Downtown
The Leader in Redevelopment $52 million in public investment was a catalyst for change Site Assembly for Bay Walk, Tropicana Field, USF and two parking garages New Land Development Regulations encouraging urban densities Reclaiming underperforming real estate FIM/ Bayfront
BayWalk 206,000 SF of destination retail anchored by a 84,000 SF, 20-screen Muvico Theater 3 million visitors a year - exceeding expectations 6 level garage/1,380 parking spaces $40 million public/private development
Streetscaping $3.6 M for public/private Bayboro streetscaping program $8 M for improvements in Downtown retail core and Dome District Signage/entry monuments Landscaping throughout Downtown Reclaimed Water/Fiber optics
Mahaffey Theater Project $21.4 million Bayfront Arena demolished in Fall 2004 Mahaffey Theater Enhancement Project 2005 Potential Relocation of the Dalí Museum and Florida Orchestra headquarters Extension of Waterfront Park System
Municipal Pier Renovations $50 million Serves citizens and tourists throughout Pinellas County Attracts 1.5 million visitors annually 50% of visitors live outside Pinellas County
Mixed-Use Transportation Facility $14 million Serve as multimodal facility designed to encourage transit Leverage private investment on- and offsite in areas of remaining need Provide needed parking facility
Progress Energy/Grand Bohemian
Residential Boom
Residential Overview Since 1999, more than 590 new units have been built, not including conversions Currently, more than 900 units are proposed or under construction More than $400 million in permitted value since 1999 Urban village townhomes, mid-rise lofts and high-rise condos
Urban Village Townhomes Straub Court Fareham Place Key West Townhomes Charles Court Townhomes The Madison
Arlington Townhomes Las Ventanas 1010 Central Avenue 3 rd Avenue Townhomes
Adaptive Reuse Projects The Seville Mirror Lake Condos Detroit Condos Snell Arcade Princess Martha
Mid-Rise McNulty Lofts 341 Lofts 5 th Avenue Lofts The Beacon
Luxury High-Rise Condos Parkshore Plaza Peninsula Harborage
Commercial and Retail Highlights
Overview More than 2.5 million SF of commercial office space Average lease rate $17.04 Vacancy rate 9.6% (Second lowest in the U.S.) Major industries include health services, legal services, and financial services Tropicana Block Future development site First Central Tower Acquisition / renovation USGS - Expansion USF- St. Petersburg Expansion St. Petersburg College New Downtown campus
Retail Development Bank of St. Petersburg 4 th Street N Retail University Village
Hotel/Tourism Development Hampton Inn Vinoy Addition Pennsylvania Expansion
Medical Services Industry St. Anthony s Cardiac Care Facility Pediatric Research Center All Children s Hospital Expansion
Education and Research Facilities NOAA and USF-SP USF Dormitories SPC Downtown Campus USF Parking Garage/Bookstore USGS
Arts and Entertainment Tropicana Field The Arts Center Bay Walk Museum of Fine Arts
Arts on Eighth District Arts-inspired urban village CitiLife s two-phase project ranging from $180,000 to $300,000 : The Muse Loft- 10-unit, two-story project The Imagine Lofts - 150-unit project, will be located in three buildings Calla Terrace by Versaggi Properties - 15-unit townhome development - completely under contract- with prices ranging from $130,000 to $159,000
What is the Potential Buildout for Downtown St. Petersburg?
Potential Downtown Development Sites
Projected Development (2005 - ca.2025) Period DUs Retail Office Pending Construction 2,747 431,051 2,210,053 Projected Development 1-5 yrs 294 88,000 250,000 5-10 yrs 714 139,000 1,091,826 After 10 yrs 3,328 200,000 200,000 Total 7,083 858,051 3,751,879
Where the Sun Shines on Opportunity Every Day! A changed city A leader in redevelopment Serious contender for relocation Most livable downtown in the Southeast Proactively preparing for tomorrow
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