The Kolter Group has announced that the construction of ONE St. Petersburg, a 41-storey condo tower, will begin before schedule due to strong demand and sale.
The 253-unit tower and hotel's groundbreaking will now take place in the first quarter of 2016, with delivery of residences scheduled for the fourth quarter of 2018.
The company said that the decision to speed up the timetable was prompted by more than $85m in confirmed contracts.
According to Kolter, the size and scope of this development will bring several immediate and long-term economic benefits to the city and the area, which includes 150 full-time employment positions, and annual property tax increase of more than $5.5m.
During the construction phase, the company anticipates more than $90m in construction employment and labor wages primarily for Tampa Bay area businesses.
It also expects the materials to generate $3.6m in sales tax, and around $2.5m in building and hotel impact fees.
St. Petersburg mayor Rick Kriseman said: "ONE St. Petersburg will be a defining project for the next era of downtown St. Petersburg.
"The city has worked closely with Kolter in the design and review process to ensure timeliness of applications and permits.
"We have set the bar very high in regard to this iconic project and I'm very comfortable that Kolter has met these high standards.
"Not only will ONE St. Petersburg enhance our thriving downtown, but the jobs and taxes it is set to create will only increase the financial health of our city."
ONE St. Petersburg will include retail space and the construction of Bliss, a 17-storey tower, and the Salvador, a 74-unit mid-rise near the Salvador Dalí Museum, have already begun.