POLISCOPE
Back to feed
NewsSt. Pete RisingSeptember 1, 2026Pinellas

Developers clear site for two 31-story apartment towers in downtown St. Pete

Construction crews have finished demolishing the former UPC Insurance headquarters to make way for a $225 million project featuring two 31-story towers. The development will add 824 apartment units and over 30,000 square feet of retail space to the downtown area.

real estate developmentdowntown redevelopmenthousingSt. Petersburg
Read the full story at St. Pete Rising

Why It Matters

This project significantly increases downtown St. Petersburg's residential density and retail capacity by adding 824 new apartment units to the city center.

Key Facts

  • The project includes two 31-story towers totaling 824 apartment units.
  • The development features over 30,000 square feet of retail space.
  • The total project cost is $225 million.
  • The site spans three acres and will contain over 1.7 million square feet of floor area.
  • The towers will reach a height of 343 feet.
  • The site previously housed a 40,000-square-foot office building used by UPC Insurance and recently by the Tampa Bay Rays.
  • The new towers will be the tallest buildings west of 5th Street in downtown St. Pete.
  • UPC Insurance was placed into liquidation in 2023.

Who's Mentioned

organizationTampa Bay Rays“Used the site as temporary office space after Hurricane Milton.”personKen Welch“Mayor of St. Petersburg who rejected a previous proposal in 2022”organizationSt. Petersburg City Council“Approving body acting as the Community Redevelopment Agency”organizationThird Lake Partners“Developer of the project”organizationARC3 Architecture“Project designer”organizationUPC Insurance“Former owner of the site”organizationEchelon“Developer of the project”location800 2nd Avenue South“Address of the development site.”