A long-neglected, storm-damaged tower in downtown St. Petersburg is finally on track for demolition, paving the way for a new boutique hotel. For many in the area, the change can’t come soon enough.

The 11-story structure at 300 Central Avenue, heavily damaged by Hurricane Milton, will be replaced by a 74-key branded hotel developed by Tampa-based Gianco Companies. CEO Steve Gianfilippo had initially hoped to restore the historic building, which dates back to 1925, but the extent of storm damage forced a shift in plans.

On Thursday, the St. Petersburg City Council unanimously agreed that the project aligns with the city’s downtown redevelopment goals. A formal determination of “substantial damage” will allow the developer to fast-track demolition.

“I like this project, and it’s about time,” said Councilmember Gina Driscoll. “We’ve been waiting a long time for something to happen here, and the building’s current condition is pretty bad—mostly due to the storms.”

City zoning official Corey Malyszka noted that the structure may meet the criteria for substantial damage, meaning repair costs exceed 49% of its assessed value. If confirmed, Gianco Companies could bypass further review and begin demolition immediately.

Driscoll inquired whether demolition would be immediate. Sean Kelly, attorney for Gianco, said no decision has been made yet, though safety precautions like netting have been installed to prevent debris from falling onto the sidewalk and street. Additional protective measures are pending permit approval.

“If it’s deemed substantially damaged, demolition is really the only viable option,” said Kelly. “We were hoping for more time to work through the process, but the storms forced our hand.”

Originally built as a commercial building, the tower later served as a hotel and eventually housed the Coronet 300 apartments. Gianfilippo acquired the site in 2017 with plans to convert it into luxury apartments and short-term rentals. However, the influx of new downtown residents and increased lodging needs led to a revised plan for a hotel.

Despite initial hopes for preservation, the storm damage prompted Gianco to reconsider. “The storms made us rethink our business plan,” Gianfilippo previously told The Catalyst.

The site is directly across from the Residences at 400 Central—St. Pete’s tallest building—and Gianfilippo believes a boutique hotel is the best use for the prominent corner lot.

Driscoll agreed with his vision but emphasized the need for a clean and efficient transition. “Right now, it’s a mess and looks precarious,” she said. “We don’t want a dirt lot sitting there for a year or more. One of our goals with the Intown CRA is to eliminate blight, and this qualifies.”

Kelly said the small footprint of the site should help expedite cleanup and redevelopment, although its size presents challenges for parking.

The proposed $20 million hotel will include 2,500 square feet of street-level commercial space, a bar, and an additional 1,500-square-foot mezzanine. The 17-story, 172-foot structure will also feature a covered patio near the lobby, an eighth-floor exterior deck, and a rooftop canopy.

Only 23 parking spaces are currently secured through a tentative agreement with the neighboring First Central Tower. Councilmember Deborah Figgs-Sanders flagged downtown parking as a growing issue, echoed by Councilmember Corey Givens Jr.

Givens voiced concern about infrastructure strain from ongoing development. “We need to keep these things in mind as we continue to grow as a city,” he said.

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(Image credit: Mark Parker/St. Pete Catalyst)

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