The Kolter Group and the Ally Capital Group are planning to demolish the Fit2Run and Exchange Hotel in St. Petersburg, Florida and redevelop the sites into a new hotel and residential tower. Under the entities KT St Pete Runner LLC and Ally MW LLC, the groups filed plans for a mixed-use project encompassing a 35-story apartment complex and an adjacent 13-story hotel. Ally Capital Group, headed by Andrew Wright of Franklin Street, also filed a demolition request with the city to demolish the Exchange Hotel. Last year, Kolter Group purchased the two Fit2Run properties, one at 256 2nd St. N. in a $5.1 million deal, and 232 2nd St. N. for $2.4 million. The site plan shows the hotel would be built at the Fit2Run site and that the neighboring site, which houses the Exchange Hotel and would be redeveloped into a 361-unit residential tower with a seven-story parking structure. A description of the project states the apartment complex would have amenities such as a pool on the eighth floor, and the adjacent hotel would have 184 rooms and a 124-space parking garage.
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