The Exchange Hotel to be Replaced with 28-Story Venture at 234 3rd Avenue North, St. Petersburg, FL

The Exchange Hotel (briefly known as the Indigo Hotel) will soon make way for a high-rise residential venture in St. Petersburg, Florida. Established in 1928 as the Martha Washington Hotel, owners filed for bankruptcy in 2020.

Ally MW, LLC (a subsidiary of Ally Capital Group) acquired the property for $7.4 million and is moving ahead with demolition. Despite being nearly 100 years old, developers and the community did not believe the property merited protection as a local or national historic landmark.

The new venture will measure 28 stories and offer more than 300 apartments.

The new community will measure 28 stories above grade, boasting 327 units. St. Pete Rising notes that the sleek, modern apartments will come with floor-to-ceiling windows. Plans call for an eighth-floor amenity deck, a rooftop pool, and 7,890 square feet of commercial space.

There will also be a 325-spot parking garage. Originally, Ally MW, LLC intended to partner with Kolter Urban. The end goal was to create a hotel and an apartment tower, but the two entities decided to develop their projects separately. As noted, Ally MW, LLC is the developer.

The high-rise community will replace this hotel, established in 1928.

Behar + Peteranecz is the architect, George F. Young is the civil engineer, and Hill Ward Henderson is representing the developer. The unnamed high-rise building will rest on a 0.94-acre parcel at 234 3rd Avenue North, St. Petersburg, FL, 33701, in Pinellas County.

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