Kolter Urban has advanced plans for two 44-story residential towers on the site of the Hilton St. Petersburg Bayfront, a project that would dramatically remake a prominent downtown waterfront parcel if it wins approval. The proposal calls for 325 condominium units, nearly 18,000 square feet of commercial space, and a new parking structure on the roughly 3-acre property at 333 1st Street South in St. Petersburg.
The project would rise to 509 feet above grade and would require about 1.32 million square feet of new construction, according to the report. That scale would make it one of the largest condominium developments proposed in the area’s recent history and would fully replace the 1970s-era Hilton hotel now on the site.
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Kolter bought the parcel for $96 million in 2023, and earlier plans called for a single residential building before the concept shifted to two towers. The latest site plan was also reported by St. Pete Rising, which noted that the developer may reserve additional parking in the adjacent Saltaire garage.
| Project Detail | Information |
|---|---|
| Project Name | 333 1st Street South / Hilton St. Petersburg Bayfront redevelopment |
| Developer | Kolter Urban |
| Location | 333 1st Street South, St. Petersburg, Florida 33701 |
| Proposal | Two 44-story condominium towers |
| Height | 509 feet above grade |
| Residential Units | 325 condos |
| Commercial Space | Approximately 18,000 square feet |
| Parking | 591-space garage plus reported access to 207 spaces in the Saltaire garage |
| Site Size | 3.01 acres |
| Current Status | Proposed |
What Kolter is proposing at the Hilton Bayfront site
The proposal centers on a full redevelopment of the Hilton St. Petersburg Bayfront property into a pair of high-rise condominium towers. Kolter’s current concept would replace the existing hotel with two 44-story buildings, along with lower-level commercial uses and structured parking.
At 509 feet, the towers would stand well above most of the surrounding downtown core and would substantially increase density on the site. The project would cover a combined 1.32 million square feet, a figure Florida YIMBY said is nearly four times the size of the current hotel footprint.
Kolter has not publicly confirmed a branded flag for the project, although Florida YIMBY reported that sources suggest the towers could ultimately be developed under the Ritz-Carlton name. That detail has not been officially announced.
Where the project would rise in downtown St. Petersburg
The site sits at the northeast corner of 2nd Street South and 4th Avenue South, at 333 1st Street South, close to downtown St. Petersburg’s waterfront and convention-center district. The location places the project within one of the city’s most visible redevelopment corridors, where older hospitality assets have increasingly given way to newer residential and mixed-use projects.
The property’s positioning is especially notable because it sits near other significant downtown developments, including Saltaire, the residential tower next door that may provide additional parking capacity for the new project. If advanced, the redevelopment would further extend the high-rise residential edge of downtown toward the bayfront.
From hotel site to condominium towers
The Hilton Bayfront site has long been a prominent presence in the downtown skyline, but the current structure dates to the 1970s and is now positioned for replacement. Kolter acquired the property in 2023 for $96 million, signaling a major long-term bet on the downtown St. Petersburg condo market.
According to Florida YIMBY, the company originally explored converting the hotel site into a single residential building before revising the concept into two towers. That shift suggests a larger, more intensive use of the parcel than first contemplated, with more units and a greater overall building mass.
No demolition timeline, construction start date, or completion schedule has been publicly announced. The proposal would still need to move through the city review and approval process before work could begin.
Why the proposal matters for St. Petersburg
St. Petersburg has seen sustained interest from developers targeting downtown sites near the waterfront, where demand for new condominiums has supported larger, more vertical projects. A two-tower proposal of this size would add to that pipeline and would likely rank among the most ambitious residential redevelopments ever proposed in the city center.
The project also reflects how developers are viewing older hotel parcels in prime urban locations: as long-term residential or mixed-use opportunities rather than hospitality assets. In this case, Kolter’s plan would transform a single hotel block into a high-density condo project with a sizable parking component and ground-floor commercial space.
For readers tracking Florida’s urban condo market, the proposal is another sign that major coastal downtowns outside Miami continue to attract large-scale residential investment. Whether the project advances as planned will depend on approvals, market conditions, and the developer’s final design decisions.
What happens next
The proposal is still early in the process, and the next steps will likely involve zoning, design, and municipal review. If the project proceeds, additional details such as floor plans, unit mix, amenities, and pricing are expected to emerge later.
For now, the most concrete information is the size of the proposal itself: two towers, 325 condos, roughly 18,000 square feet of commercial space, and a 509-foot profile on one of downtown St. Petersburg’s most visible sites. Additional reporting may clarify whether the project moves forward under a luxury flag, how the parking arrangement will work, and when the existing hotel is scheduled for removal.
Frequently asked questions
Where is the project located?
The proposal is for 333 1st Street South in St. Petersburg, at the northeast corner of 2nd Street South and 4th Avenue South.
How many units are planned?
The current plan calls for 325 condominiums.
How tall are the towers?
Each tower is proposed at 44 stories and about 509 feet above grade.
What is being replaced?
The project would fully replace the existing Hilton St. Petersburg Bayfront hotel on the site.
Has construction started?
No. The project is proposed, and no public construction start date has been announced.
