BENEFITS OF DEVELOPMENT
New developments over the past two years have made notable contributions to Downtown’s value, driving it to outpace gains from developments located elsewhere throughout the city.
There is a 580% increase in 2025 assessed values for Downtown Core parcels that were developed in 2024. Citywide developments completed in 2024 saw a very respectable but notably lower jump in assessed value in 2025, rising by 326%.
Downtown developments completed in 2023 saw 940% in assessed value growth in 2024, while new developments citywide grew by 412%.
Assessed value growth translates into a higher volume of property taxes collected — taxes that provide benefits citywide. Some of the value increases of new property tax revenue generated by Downtown are captured in the Community Redevelopment Area, which also captures property taxes from Pinellas County and directs those taxes back to Downtown St. Petersburg. But the City’s overall general fund still sees significant and outsized contributions from the urban center as a result of new development that increases property values for existing properties.
Delve into the various types of development occurring all throughout Downtown and its adjacent districts.
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Cranes continue to serve as visual cues of Downtown’s continued evolution. Explore a sampling of the types of development that continue to make Downtown a dynamic and vibrant place to live, work and visit.
LEARN MORE
Rezoning and development codes are steadfast in the protections that they provide, yet ever-evolving to keep up with community needs, density maximums, shifts in parking demand and Florida Legislature policy changes.
LEARN MORENew developments over the past two years have made notable contributions to Downtown’s value, driving it to outpace gains from developments located elsewhere throughout the city.
There is a 580% increase in 2025 assessed values for Downtown Core parcels that were developed in 2024. Citywide developments completed in 2024 saw a very respectable but notably lower jump in assessed value in 2025, rising by 326%.
Downtown developments completed in 2023 saw 940% in assessed value growth in 2024, while new developments citywide grew by 412%.
Assessed value growth translates into a higher volume of property taxes collected — taxes that provide benefits citywide. Some of the value increases of new property tax revenue generated by Downtown are captured in the Community Redevelopment Area, which also captures property taxes from Pinellas County and directs those taxes back to Downtown St. Petersburg. But the City’s overall general fund still sees significant and outsized contributions from the urban center as a result of new development that increases property values for existing properties.
Delve into the various types of development occurring all throughout Downtown and its adjacent districts.
LEARN MORECranes continue to serve as visual cues of Downtown’s continued evolution. Explore a sampling of the types of development that continue to make Downtown a dynamic and vibrant place to live, work and visit.
LEARN MORERezoning and development codes are steadfast in the protections that they provide, yet ever-evolving to keep up with community needs, density maximums, shifts in parking demand and Florida Legislature policy changes.
LEARN MORE
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