Downtown St. Petersburg is getting one of its largest residential projects ever. A $225 million development led by Echelon and Tampa-based Third Lake Partners will put two 31-story towers on the former UPC Insurance headquarters site, adding 824 market-rate apartments to the city’s fast-growing core.
Project Scope
The two towers hold 824 apartments plus more than 35,000 square feet of ground-floor retail, across a development footprint topping 1.5 million square feet. ARC3 Architecture leads the design, with George F. Young on civil engineering and B&W Structural Designs on structure. Demolition and site preparation kicked off early in 2026, with vertical construction to follow.
Why It Matters
St. Petersburg has been in a building boom, and this is one of the densest bets on downtown living the city has approved. Two 31-story towers on a single block add real housing supply to a market that’s tightened as the metro grows. Market-rate high-rise apartments only pencil where rents and demand justify the higher cost of concrete construction, so a project this size is a vote of confidence in downtown St. Pete’s trajectory. Ground-floor retail and the scale of the site also reshape a full block of the urban core, not just its skyline.
Project Team & Details
| Developer | Echelon / Third Lake Partners |
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| Architect | ARC3 Architecture |
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| Consultants | George F. Young (Civil)
B&W Structural Designs (Structural) |
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| Status | Under Construction |
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| Funding Source | Private |
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