Politifact- St. Petersburg mayoral candidate Kathleen Ford made a bold claim at the Times TV Debate

[HooptieWagon]

4. No, the subsidy was to maintain the pyramid...

in useable condition, and low rents for the tenants. Even if the pier approach is replaced, the subsidy would still be required for the pyramid.
With the Vinoy open, and resturants and stores booming on Beach Drive (without subsidies), there simply is no longer a need to have subsidized businesses at the pier. To reconfigure the pyramid for other use would just drive up the cost further. Although it hasn't been discussed, it's quite likely the current location isn't even the best for a new pier.
And the proposed landside site for the Colombia resturant is not included in the Lens cost because the Colombia will pay for the construction. The city is not paying for that.