Today, 12 May, the Pinellas MPO unanimously approved the Bay Way Bridge replacement project as its top priority for TIGER II funding from the federal government. Indications are that it will be one of three projects, and the only bridge, submitted by the State of Florida for funding. St Pete Beach is in communication with the FDOT district office and the City has offered its support in any way to get the project approved.
Several people have talked to me about the "Bay Way Bridge". Here is the original TIGER application. I think it makes for interesting reading to understand the possibilities of what might replace the current Bascule Bridge.