Demolition has been completed at 800 2nd Avenue South in Downtown St. Petersburg, clearing a three-acre site for two 31-story apartment towers developed by Echelon and Third Lake Partners. Designed by ARC3 Architecture, the 343-foot-tall development is planned to yield 824 apartments and more than 30,000 square feet of retail space, with a total floor area exceeding 1.7 million square feet.
According to an article from St. Pete Rising, the $225 million development will replace the former UPC Insurance corporate headquarters. The approximately 40,000-square-foot office building most recently served as temporary office space for the Tampa Bay Rays after Hurricane Milton damaged Tropicana Field. Its removal clears the property for redevelopment, though a date for the start of vertical construction was not reported.
Credit: ARC3 Architecture
Plans call for two L-shaped residential towers rising above a seven-story parking podium containing 1,550 vehicle spaces and 828 bicycle spaces. The residential floors will extend from the eighth through the 31st levels, with private balconies accompanying each apartment.
The residential program will include studios through three-bedroom layouts, with more than 400 apartments measuring less than 750 square feet. Penthouses will occupy the uppermost levels. An amenity deck positioned between the towers will include two swimming pools, cabanas, and outdoor sports and gaming courts, with additional amenities comprising fitness centers and social lounges.
Credit: ARC3 Architecture
Third Lake Partners assembled the development site through two acquisitions. The firm purchased the eastern portion from UPC Insurance for $10.5 million in November 2022, followed by the western portion from the City of St. Petersburg for $10 million in January 2025. City Council, acting as the Community Redevelopment Agency, unanimously approved the current development in May 2025.
The property was previously included in a larger proposal announced in 2021 that called for a 75,000-square-foot Moffitt Cancer Center, a 30-story apartment tower, a 14-story hotel, and a future development pad for UPC Insurance. Mayor Ken Welch rejected that proposal in 2022, citing a lack of affordable housing.
Echelon and Third Lake Partners are also collaborating on the 33-story 3rd & 3rd apartment tower at 235 3rd Street South in Downtown St. Petersburg. Their other joint holdings include Tampa’s WestShore Plaza, which the firms acquired for redevelopment.
The first tower at 800 2nd Avenue South is expected to be completed in spring 2029, with the second tower anticipated to follow in 2031.
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