Naples-based Stock Development has begun demolishing the office building at 601 N. Ashley Drive in downtown Tampa, clearing the roughly one-acre site for a planned high-rise featuring luxury residences and hotel rooms. The company acquired the property in 2025 for $40 million, one of the more significant downtown land transactions in recent Tampa history.

The building coming down is the former GTE Building, known historically as the Wallace S. Stovall Tampa Tribune building, a 12-story structure at the corner of Tampa and Twiggs streets. Demolition is being handled by D.H. Griffin Wrecking Company and includes removal of the existing structure, basement, and foundation, along with the surface parking lot. The site sits directly across from Curtis Hixon Waterfront Park along the Hillsborough River.

The parcel changed hands after a multi-year effort by Tampa-based TLR Group, which assembled the site in 2021 and spent several years advancing plans for a high-rise that ultimately did not move forward under its ownership. TLR's proposal went through multiple design iterations, including a 540-foot tower that secured aviation approval before the property was sold to Stock.

Stock Development is planning a luxury tower that could rise between 40 and 50 stories and include hotel rooms alongside its residential component. The company has indicated interest in pursuing a condominium product, potentially as a branded residential development, which would shape both the interior and exterior design. Full development plans have not yet been publicly announced, and Stock has said additional details should come later this year.

Stock Development brings a substantial track record to the project, having built more than 6,000 homes across Southwest Florida. The company also developed The Ritz-Carlton Residences, Naples, a 128-unit project with a marina, spa, and more than 50,000 square feet of amenities.

Contrary to some early descriptions, the tower's aviation clearance is already in place rather than pending. On January 8, 2026, Stock Development refiled FAA height approvals for a 540-foot tower, measured at 558 feet above mean sea level, and the application received an immediate determination of no hazard to air navigation. The same-day clearance reflected the FAA's earlier completion of a full study for the site under TLR's ownership.

The project joins a wave of luxury residential development reshaping Tampa's skyline. One Tampa is under construction directly across the street, while Pendry Residences Tampa is rising about a half-mile south. Luxury condominiums have become the preferred product for many prime downtown sites because high land, construction, and financing costs make lower-priced projects harder to justify. Unlike apartments or office buildings that generate income gradually over time, condo developers can recover much of their investment through pre-sales before construction is complete.