New report analyzes pros of historic preservation in St. Petersburg
As newcomers flock to St. Petersburg in droves, and new buildings rise, historic preservationists are urging city leaders to plan for future growth without bulldozing over the past.
A new report commissioned by the group Preserve the ’Burg outlines the benefits of protecting St. Petersburg’s older properties during a time of rapid development.
Though nearly half of all buildings in the city were built before 1960, fewer than 1% have any regulatory protections, according to the report.
“These tend to be some of the most vibrant and desirable places to live in our city,” said Manny Leto, executive director of Preserve the ’Burg.
The report points to Central Avenue, where 60% of buildings were built before 1960, as an example of how historic properties can help bolster the local economy. The number of jobs on Central Avenue grew 52% from 2010 to 2022 compared to just 17% in the rest of the city.
On the residential side, property values in St. Petersburg’s local historic districts, including parts of Kenwood, the Old Northeast and Roser Park, shot up from 2008 to 2022, outpacing growth in the rest of the city. The average value per square foot increased 119.3% in these protected areas compared to just 85.2% elsewhere.
As St. Petersburg has grown, so has the cost of housing. Rent has spiked 32% in the past five years, according to data from the commercial real estate firm CoStar.
The report noted that many historic homes help to provide “naturally occurring” affordable housing where rents and home prices are more attainable without government subsidy. Nearly 65% of the rental housing included in the study area had cheaper rents than the city’s median of $1,251 per month.
Leto said that historic preservation has been unfairly blamed as a barrier to solving the housing affordability crisis.
“Do we need new housing, more development to accommodate people that are coming here? Absolutely,” he said. “We could, however, be directing that development to places that need more density without going into a historic neighborhood that is already fairly dense.”
The full study will be unveiled at an event May 10 at the St. Petersburg Museum of History.
