Keith Gelder Of Stock Development Purchases Office Tower And Tramor Building For $32.5M In St. Petersburg

The asset involved in this sale is an office property located at 490 1st Avenue South & 123 4th Street South in St. Petersburg, FL. The property comprises a former office tower previously occupied by the Tampa Bay Times and the historic Tramor Cafeteria building. Stock Development acquired the properties for a combined total of $32,500,000, with plans to demolish the hurricane-damaged office tower while preserving the Tramor building. The vacant Times property was purchased for $18 million, and the Tramor site for $14.5 million, indicating a strategic investment in the area.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $32,500,000
• Buyer: Keith Gelder
• Company: Stock Development
• Purchase Date: 06/21/2026
• Location: St. Petersburg, FL
• Sites Acquired: Former Tampa Bay Times office tower and Tramor Cafeteria building

This transaction marks Stock Development's second major condominium development initiative in the Tampa Bay region, led by Keith Gelder. The developer's intent to create a new high-rise condominium project underscores their commitment to revitalizing the downtown St. Petersburg area.