St. Petersburg Negotiated The Central Land Sale
The city and Ellison Development are finalizing property transfer terms for the stalled redevelopment project.
Updated on Oct. 1, 2026 in Remote Work
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St. Petersburg officials and Ellison Development remain in negotiations to finalize the land sale for The Central redevelopment project at 1300 First Ave. N. Construction at the site has currently ceased after the completion of a parking garage.
Why it matters
The property transfer is a critical step for the developer to secure necessary financing and resume construction on the 12-story office tower, luxury hotel, and apartment complex.
The development agreement for the 1300 First Ave. N site has undergone four amendments since the city initiated the project in 2019. The site is slated for a 12-story office tower, luxury hotel, and apartments with a mandated completion deadline of 2030.
The players
St. Petersburg
This Florida city is the local authority overseeing the redevelopment of the property in the Edge District.
Ellison Development
This real estate firm serves as the lead developer for The Central project and is currently navigating various project delays.
The details
The city and developer are currently drafting legal documents to establish separate parcels, protect financial interests, and define ownership entities. These negotiations aim to satisfy lender requirements, while the city awaits the resolution of a legal dispute involving the developer's work at The Nolen.
Timeline
2019: The city initiated the redevelopment process for the site.
2023: Ellison Development became the lead developer.
2024: The Central project broke ground.
September 24, 2026: City officials issued a memorandum regarding the impending transfer.
2030: This year marks the project completion deadline per the current agreement.
Market Landscape
The stalled progress at The Central reflects a broader trend of development challenges in the St. Petersburg real estate market. The project's outcome is significant as it competes for resources and developer focus alongside other major local initiatives like the Tropicana Field site.
Residents in the local area can expect continued construction inactivity at the site until the property transfer is complete and financing is secured. The city has not yet collected rent for site usage, which remains a factor in the ongoing financial negotiations.
The takeaway
The successful transfer of the land is essential for the developer to meet the 2030 completion deadline established by the city. Until the legal and financial requirements are resolved, the site will remain in a state of development limbo.
Further reading
For broader trends in local office development, see Remote Work.
Source note: This article includes information reported by Tampa Bay Times.
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