Another surface parking lot in the Downtown St. Petersburg, FL core is poised to become a high-rise mixed-use development according to a resolution that will go before the St. Pete City Council on March 7th. The resolution, if approved, will allow negotiations to move forward between the City and The DeNunzio Group, a Cambridge, MA based real estate company, to construct a public parking garage as part of a new development at the southeast corner of First Avenue North and Fifth Street North.

Last year the Tampa Bay Times reported that the Christ United Methodist Church had entered into an agreement to sell its parking lot at 450 1st Avenue North for $5.65 million. At the time, the buyer was disclosed as Miles River Development, a Connecticut based company. They have since backed out of purchasing the site in order to focus on other projects in the area.

This opened up an opportunity for Dustin DeNunzio, who founded The DeNunzio Group back in 2005. His company is currently under contract to buy the downtown lot for $5.3M.