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St. Petersburg, Florida – A local developer on Wednesday announced plans to build a mixed-use property in downtown.

The 17-story building will be bounded by Central Avenue and 1st Avenue N., and 1st and 2nd streets, which is currently a dirt lot used for parking.

Construction of the two-tower residential condominium, hotel, retail and parking complex is expected to begin in the first quarter of 2015 at 330 3rd St. S..

"We searched for someone to develop the property in a way befitting the city that St. Petersburg has become," said Bill Edwards. "There is a clear demand for more condominiums and a new quality hotel downtown."

The project is being handled in conjunction with The Kolter Group, a private investment firm focused on real estate development.

"We love St. Petersburg," said Bobby Julien, Kolter CEO. "The city's downtown is emerging as one of the nation's special urban centers, and we are excited to be a part of its future."

The project is expected to be completed by the last quarter of 2017.

A developer has plans for a large development in downtown St. Petersburg.

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