St. Petersburg to Lease Public Parking for Condo Project

The city will provide 430 parking spaces to support office tenants displaced by the construction of a $500 million tower.

Updated on Oct. 13, 2026 in Remote Work

Isometric editorial illustration of a multi-level concrete parking garage with structured parking bays, in a minimalist style with muted tones. — St. Petersburg City Council is evaluating a proposal to lease 430 public parking spaces to developers to support office tenants displaced by the new Waldorf Astoria Residences construction. AI Illustration. Upload story photo >

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St. Petersburg City Council is reviewing agreements to lease 430 city-owned parking spaces to a developer beginning December 1. These spaces will accommodate office tenants displaced by the construction of the 50-story Waldorf Astoria Residences.

Why it matters

The deal ensures continued parking access for office workers at 100 Second Ave. S. while the site's existing parking garage is demolished to make way for a $500 million luxury development.

The agreement covers 430 spaces across three locations, including 250 at the Mahaffey Theater garage, 70 at the Al Lang Stadium lot, and 110 at the South Core garage. The developer will make an initial monthly payment of $38,200 to the city for these spots.

The players

St. Petersburg City Council

The local legislative body responsible for overseeing municipal property use and urban development agreements in St. Petersburg.

City Center STF LP

The private development firm managing the construction of the Waldorf Astoria Residences and the associated site displacement.

The details

City Center STF LP requires these temporary parking arrangements for tenants impacted by the $500 million Waldorf Astoria Residences project, which recently saw a $12.4 million foundation permit application. Access to the city facilities will be restricted to daytime hours and will exclude dates reserved for specific events.

June 29: Developer applied to demolish the existing parking garage.
July 29: Developer filed an application for foundation work permits.
Thursday: City Council reviews the proposed parking agreements.
December 1: The access agreements are scheduled to take effect.
3.5 years: Total duration of the city parking access agreement.

Market Landscape

This agreement highlights the ongoing urban redevelopment of downtown St. Petersburg as large-scale luxury projects replace legacy infrastructure. It positions the city as a facilitator for developers while managing the logistical churn that accompanies high-density real estate growth.

Residents and regular downtown visitors should anticipate increased demand for parking at the Mahaffey Theater, Al Lang Stadium, and South Core areas during business hours. While office tenants will have guaranteed access, the city has explicitly excluded these spaces from use during public events.

The takeaway

Large-scale urban construction projects frequently require complex temporary utility and parking agreements between private entities and municipalities. These arrangements allow business operations to continue while developers clear and build on sites in dense downtown districts.