St. Petersburg to Lease Public Parking to Developer
Office tenants displaced by a new condo tower will shift parking to city-owned garages starting in December.
Updated on Oct. 13, 2026 in Remote Work
Live Poll
Should your city prioritize reserving public parking spaces for private development projects?
The St. Petersburg City Council is reviewing agreements to provide 430 public parking spaces to developer City Center STF LP. The arrangement will accommodate office tenants displaced by the construction of the $500 million Waldorf Astoria Residences.
Why it matters
The deal secures parking capacity for existing businesses at 100 Second Ave. S. while the developer proceeds with the demolition of the site's original parking garage.
The 3.5-year agreement covers 430 spaces across three city facilities, with monthly rates set at $90 for most spots and $80 for 50 spaces at the South Core garage. The developer will pay the city $38,200 in initial monthly fees.
The players
City Center STF LP
A real estate development firm managing the construction of the 50-story, $500 million Waldorf Astoria Residences.
St. Petersburg City Council
The local municipal authority responsible for the oversight and management of public assets and development agreements.
The details
City Center STF LP, which applied for garage demolition on June 29, requires the spaces to support office tenants displaced by the 50-story Waldorf Astoria project. The agreement allows these tenants to access city-owned assets at the Mahaffey Theater garage, Al Lang Stadium lot, and South Core garage during specified daytime hours, excluding periods designated for public events.
Timeline
June 29: Developer applied for garage demolition.
July 29: Developer filed foundation work permit.
Thursday: City Council reviews the parking agreements.
December 1: Agreements are scheduled to take effect.
3.5 years: Duration of the access agreement.
Market Landscape
The parking lease follows the specific infrastructure displacement requirements created by the Waldorf Astoria Residences development project. It serves as an example of municipal coordination required to maintain business continuity during high-density urban redevelopment cycles.
Operators in the area should monitor how the influx of displaced office tenants impacts availability at the Mahaffey Theater and South Core garages during peak business hours. Consult your counsel if your commercial lease requires guaranteed parking access that may be affected by city development projects.
The takeaway
Large-scale residential projects often create ripple effects for local commercial parking capacity and logistics. Track city council agendas and public records for upcoming parking site modifications that could influence your employees' or clients' commute.
Further reading
For more on managing commercial real estate needs, visit the Remote Work section.
Live Poll
Should your city prioritize reserving public parking spaces for private development projects?
