St. Petersburg council members approve hospital land swap
By Staff Report
Tampa Bay Business Journal
Published: Aug 23, 2013

The St. Petersburg City Council voted to endorse an exchange of properties with All Children's Hospital that will allow the hospital to build a medical tower.

All Children's plans to build a complex on 1.5 acres at Fourth Street on Sixth Avenue S, the Tampa Bay Times said. In exchange, the hospital will give the city 2.5 acres at Fourth Street S and 11th Avenue, where the city will create a park.

However, the value of the swapped land is not equal. The land being given up by the city is appraised at $4.5 million while the land being given up by the hospital is worth $828,000, the Times said. The land being given up by the city is under lease to the YWCA through the end of 2022, which lowers the actual value of the land. The hospital will negotiate directly with the YWCA to buy out the lease.

Once complete, the tower will total 100,000 square feet and could result in the creation of 200 jobs, the Times said. There is no timeline for breaking ground on the building.