1. Business

Developer razes most of St. Pete's historic Union Trust building

It made it through the Great Depression but most of the historic Union Trust Co. building in downtown St. Petersburg won't survive the pressures of redevelopment.

Miami-based Related Group, which bought the 800 block of Central Avenue for $9.18 million last year and plans a 15-story, 368-unit apartment tower on the site, will keep the neoclassical part of the building dating to 1926 but is demolishing the 1938 and 1967 additions.

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A city commission designated the building a historic landmark in 2004 but later approved partial demolition after a report found that the additions were not financially viable for reuse. Union Trust failed in 1930 but emerged the same year after a reorganization, billing itself as the only local bank to weather the Depression. Last occupied by NationsBank, which became Bank of America, the building has been vacant since 1996. Related will hold ground-breaking ceremonies in December for the Central Avenue tower, called Icon St. Petersburg, and two apartment projects in Tampa.