Kolter Urban has filed a site plan application in St. Petersburg outlining a major redevelopment of the Hilton St. Petersburg Bayfront property at 333 1st Street South. The proposal details two 44-story condominium towers that would rise on the hotel site at the northeast corner of 2nd Street South and 4th Avenue South.
The planned project carries an estimated redevelopment cost of $325 million and is designed to deliver 325 condominium units. In addition to the for-sale residential component, the plans call for 17,988 square feet of commercial space, positioning the property for a mix of uses that extends beyond housing. The redevelopment program also includes a 519-space parking garage intended to support residents and commercial users on the 3.01-acre site.
According to the application, the two proposed towers would replace the existing 15-story Hilton hotel currently operating on the property. The documentation cites 1.32 million square feet of proposed building area across the new development, a significant increase from the roughly 344,000 square feet that make up the existing hotel improvements. The shift in scale underscores the density Kolter Urban is seeking to introduce at this downtown-adjacent location.
The application materials indicate that the redevelopment would fully supersede the current hotel structure, although no additional details were provided about phasing, timing, or any interim operations for the existing hospitality use. Approvals and permitting for the project will be a necessary next step before any demolition or construction activity can move forward.
Kolter Urban acquired the Hilton St. Petersburg Bayfront earlier this year for $96 million, giving the company control of the site ahead of its current redevelopment push. The new proposal builds on Kolter Urban’s active track record in St. Petersburg’s high-rise condo market over the past decade.
In 2019, the company completed ONE St. Petersburg, a 41-story tower comprising 253 condominiums along with a Hyatt Place hotel component. That was followed by the delivery of Saltaire in 2023, adding 192 condominiums to the local skyline. Earlier this year, Kolter Urban finished Art House, a 42-story tower that introduced another 244 condominiums to the market. Together, these projects highlight the firm’s continued focus on large-scale, urban infill residential towers in the city.
The newly filed plan for the Hilton St. Petersburg Bayfront site represents Kolter Urban’s next potential addition to this cluster of high-rise condominium developments, with a notable expansion in both total building area and unit count compared with the existing hotel asset.
