Although the sitemap has been approved, Aboud notes that it may take some time before development begins. “We have a house full of tenants,” he says. “So just understand that this project won’t come off the ground tomorrow. It may take two years to start construction. “
As a requirement for the now approved height bonus, the building will feature a decorative crown consistent with the architectural style of the building, currently proposed to draw inspiration from Spanish architecture with variations in height and window patterns, adding visual interest in the EDGE district. .
Thursday’s streamlined approval process for the height bonus and 4.99 FAR was a step in the development process. FAR, or Floor Area Ratio, refers to the floor area of a building relative to the size of the lot. The downtown zoning (DC-1), where the new building will be located, has a base DAF of 3.0, but allows projects that exceed the limits of the base approval standards if they incorporate provisions of predefined bonuses, such as historical preservation and workforce housing.
The entire 0.84 acre property is owned by Silver Sands LLC who bought it for $ 5.75 million in 2019. The project will still need to be approved by the St. Petersburg Community Redevelopment Agency (ARC ), then go through the authorization process before starting. .