Tampa’s next major skyscraper is inching toward reality as permitting and regulatory groundwork begin to take shape at 601 N Ashley Drive, a prominent downtown parcel now under redevelopment. Naples-based Stock Development recently filed for the reissuance of a FAA height application amid ongoing demolition of the existing office building and surface parking lot, which will eventually clear the around 1-acre site.
The property was acquired by Stock Development in 2025 for $40 million, marking one of the most significant property transactions in Tampa history. The sale ended a multi-year development effort initiated by TLR Group, which first assembled the site in 2021 and spent several years advancing plans for the high-rise project.
Under TLR Group’s ownership, the site underwent multiple design iterations, including an FAA height application submitted in 2022 for a 540-foot tower. The final proposal, which advanced prior to the sale, envisioned a 48-story tower rising 540 FT, featuring 600 residential units, 68,000 SF of office space, and 12,000 SF of retail. A large podium was also planned, providing parking for up to 985 vehicles.
On January 8th, 2026, Bill Fleck of Stock Development refiled FAA height approvals for a 540 FT tower, or 558 FT above mean sea level. The application received an immediate determination of no hazard to air navigation.
The same-day approval is a result of the FAA’s prior completion of a full study for the project under its previous ownership. Because the refiling did not introduce any changes to the tower’s height, location, or aviation impacts (and was required solely due to the change in sponsor) the FAA treated the submission as a reaffirmation of its ‘No Hazard’ designation.
While the FAA filing represents an important regulatory step, and signals Stock Development’s continued intent to advance the project, it also caps the tower’s maximum allowable height. With approval set at 540 FT, any proposal exceeding that limit would require a new FAA filing, suggesting that the tower is unlikely to surpass earlier iterations.
Although it remains unknown whether Stock Development will follow a design similar to prior proposals, TLR Group previously noted that the site attracted higher purchase offers once development plans had received city approvals. Stock Development has indicated an interest in changing the project towards a condominium tower, potentially as a branded residential development, which could change both the interior and exterior design.
Permitting records and recent on-site activity indicate that demolition is already underway, with a commercial demolition permit filed on December 1st of last year. D.H. Griffin Wrecking Company is handling the demolition, which includes the removal of the existing structure, basement, and foundation, with the site planned to be restored as a grass lot.
This story is still developing, and Floridian Development will continue to provide new articles as the project advances through permitting and as further details on the design emerge.