ST. PETERSBURG -- The U.S. 19 corridor will see a retail makeover in the next few years, city officials said.

Although currently zoned for commercial use, the City of St. Petersburg is rezoning the area to add more residential units, and encourage redevelopment, said David S. Goodwin, director of the city's economic development department.

"I have no doubt it will happen," Goodwin said. "Wal-Mart Stores (NYSE: WMT) is already a stabilizing force in the area."

The U.S. 19 three-mile ring is currently an $800 million retail market, but is projected to hit $915 million by 2010.

Commercial taxable values from the 101 parcels located on U.S. 19 bounded by 22nd and 59th avenues and 34th Street are estimated at $47.1 million.

Developers and brokers are aware of the huge viable opportunity for retail in this area, said Teresa L. Brydon, economic development coordinator for the city of St. Petersburg.

"It's the quiet opportunity," she said.

The city's promotional efforts for the U.S. 19 corridor have included attending the International Council of Shopping Centers' annual convention last month in Las Vegas, as well as local meetings with retail brokers throughout Pinellas County.

The main challenge to develop the area comes when those who own property there decide to hold on to it, forcing developers and the city to look elsewhere, said Brydon.

The good news is that developers see the area's potential, especially for bank branches and restaurants, she said.

"We are on their radar screen," she said. "Two and a half years ago, we couldn't have made that statement."

A much younger community is also present around U.S. 19, added Brydon.

"We continue seeing Gen X and Gen Y population coming in because of our quality of life," she said. "We do have a wonderful quality of life here because of the events and activities, parks and recreation."

Huijun Yang is one of the young developers who owns a 62,000-square-foot office complex on U.S. 19. He bought Bay Park Executive Center on the west side of U.S. 19 south of Gulf To Bay Boulevard last October.

"The city should pay more attention to attract more retails along the U.S. 19 near Gulf to Bay since there are many office buildings nearby and residential homes including condos," Yang said. "Also, there are two mobile home parks along U.S. 19. The mobile home park may not be the best use of the land along U.S. 19."

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