The downtown St. Petersburg office building wrecked by a falling construction crane during Hurricane Milton is finally for sale.
The property at 490 First Ave. S has been listed for sale and marketed as a redevelopment opportunity in downtown St. Pete. The marketing materials reference the property as a land site, according to JLL’s website, stating the vacant office building will be demolished prior to closing and would be suitable for high-rise residential development.
“The existing vacant office building will be demolished by the seller prior to closing, delivering a shovel-ready opportunity in one of Florida's fastest-growing urban markets,” JLL’s website states.
Building ownership previously told the city they’d like to demolish the building in May.
The crane fell from the construction site of condo tower Residences at 400 Central in October 2024, ripping a gash in the office building that left multiple floors exposed to the elements for months. Tenants in the building included law firm Johnson Pope, which had signage on the building but has since relocated, as well as L3Harris Technologies and the Tampa Bay Times.
The complex at 490 First consists of three buildings that were connected over the years. The middle building, which took most of the damage, was built in 1924. The ones to the west and east were built in 1968 and 1988, respectively. It sits on 1.25 acres — a large property by urban development standards and one that will almost certainly attract the attention of luxury condo developers.
To demolish a building in downtown St. Pete, owners must submit a development plan indicating what would replace the demolished building or provide a report showing the building is structurally unsafe to qualify for demolition. A city spokesperson did not immediately respond to request for comment.
Market observers have said they don’t imagine another office building rising on the site but more likely luxury residential. Luxury condos could be built on the site, but it’s surrounded by high-rises, including the 46-story 400 Central tower, which would block downtown’s water views — an important factor for luxury condo sales.
The downtown zoning would allow for high-rise construction. JLL did not immediately respond to request for comment.
The loss of the office building adds to a growing problem in downtown: a shortage of office space. It will permanently remove about 12.5% of the downtown St. Pete office market. But to build an office tower doesn’t make financial sense — instead, new office will likely be incorporated into luxury condo projects like the Waldorf Astoria Residences.
The office building last sold for $39.35 million in 2018, according to property records.