A long-vacant tower in downtown St. Petersburg, left visibly scarred by Hurricane Milton, is poised for a major transformation. The damaged 11-story structure at 300 Central Avenue is set to be replaced with a boutique hotel, according to plans submitted by Gianco Companies.

The Tampa-based developer, which acquired the property in 2017, has officially proposed demolishing the building and constructing a 73-room branded hotel in its place. Gianco’s founder and CEO, Steve Gianfilippo, submitted site plans for city review this week after years of delays due to back-to-back hurricanes and the pandemic.

“We originally wanted to restore the building,” Gianfilippo told the St. Pete Catalyst. “But after everything that happened, we pivoted to see what was possible under the current zoning—and were pleasantly surprised by the flexibility.”

Originally constructed in 1925, the structure has served multiple purposes over the decades, from retail and office space to a hotel, and most recently, the Coronet 300 apartments. Gianco once envisioned turning it into luxury apartments and short-term rentals, but shifting market demands and a global pandemic put those plans on hold.

As the downtown St. Pete area (AKA DTSP) saw a boom in condominiums and new residents, the need for more hotel accommodations became clear. “It just made way more sense to return it to a hotel,” Gianfilippo said. By early 2024, Gianco was close to finalizing a deal with a hotel brand—until the hurricanes forced another rethink.

While the storms halted momentum, they also opened the door to a fresh start. “A clean slate turned out to be a blessing,” Gianfilippo said. “We’re excited to bring a true boutique experience to that corner. It’s the best possible use of the space.”

The new hotel will include 2,500 square feet of commercial space at street level—“definitely a bar,” Gianfilippo added—plus a lobby, a second-floor mezzanine with additional retail, and several outdoor gathering spaces, including a rooftop canopy. The proposed 17-story building will top out at 172 feet and cost an estimated $20 million.

Design plans describe the architecture as “modern minimalism meets textural warmth,” with just 23 parking spaces provided through a partnership with the nearby First Central Tower. Gianco is also working with St. Petersburg-based Behar + Peteranecz Architecture and engineering firm Kimley-Horn on the project.

Negotiations with a hotel brand are still underway, and Gianfilippo hinted that the final announcement will reflect St. Petersburg’s unique vibe. “You can’t replace the energy of a hotel lobby,” he said. “300 Central can become a central hub for locals and visitors alike.”

The St. Petersburg City Council will review the project for alignment with the Intown Community Redevelopment Area guidelines. A final decision from the Development Review Commission is expected on June 4.

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