The Exchange Hotel, located at 234 3rd. Avenue N., has served as a hotel in the city for decades, but it is not a historic structure; therefore, it can and will be redeveloped into a 28-story apartment tower.

This was the conclusion from the St. Petersburg Development Review Commissioners Wednesday afternoon. After hours of continuous deliberation, by a majority vote, the DRC approved Ally Capital’s plans to demolish the hotel and develop a mixed-use apartment building.

The hotel was identified as a “potentially eligible” property for historic preservation; however, applications were never filed to preserve the three-story building.

The proposed $120 million project that will rise at the site calls for 327 apartment units, 7,890 square feet of commercial space on the ground floor and a 325-space parking garage, which will wrap around the apartments.

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Redevelopment of Exchange Hotel moves forward – St. Pete Catalyst (stpetecatalyst.com)