Partnership to Develop St. Petersburg Mixed-Use Project
PTM Partners and Dovehill Capital Management will develop a retail and hospitality destination in the city’s downtown EDGE district.
PETERSBURG, FL – Development firm, PTM Partners and hospitality real estate developer, owner and operator, Dovehill Capital Management have entered into a joint-venture partnership to develop a mixed-use, qualified Opportunity Zone project in downtown St. Petersburg, FL.
Located at 1234-1246 Central Ave., the development, named the Edge Collective, will feature a ground-up 163-room Moxy Hotel by Marriott, an outdoor garden and retail paseo, and a refurbished four-story building, which will offer 17,000 square feet of ground-level retail and restaurant space, and commercial space above.
The project is slated to break ground in Q2 2022.
Concepted and managed by Wurzak Hotel Group, the hotel will serve as the first lifestyle hotel in the city’s downtown EDGE (Entertainment, Dining, Galleries, Etc.) district.
With architecture by local firm Storyn Studio, the hotel will feature a gym, an indoor/outdoor rooftop nightlife venue, and a rooftop pool, bar and restaurant. The hotel’s common garden will connect the lobby bar, a coffee shop and additional retail space.
“In partnership with DoveHill, we are confident that all of the components are now in place to bring our vision of the Edge Collective to fruition,” says Nicholas Pantuliano, chief development officer and COO at PTM. “The mixed-use development will offer an innovative and inclusionary destination for the community and tourists to experience, which will further complement the neighborhood’s dynamic offering.”
“We are very excited to make our fourth Florida investment in the thriving and incredibly dynamic city of St. Petersburg and build upon the visionary investment originally made by PTM,” says Jake Wurzak, founder and CEO of DoveHill. “Our new project will focus on place-making and will elevate the hospitality experience downtown. The Moxy Hotel will anchor the EDGE district’s culturally rich community and will fast become a dining and entertainment hub.”
“Along with DoveHill, we are looking forward to breaking ground in 2022 and beginning to reintroduce this dynamic project to a neighborhood we believe in for the long-term,” states Michael Tillman, CEO of PTM. “The Edge Collective will provide an added layer of vibrancy and culture to a district that is already burgeoning, and truly is about cultivating opportunities for the overall community.”
PTM Partners additionally acquired the 1.6-acre land parcel between 1100 and 1300 Central Ave. in October 2019 for $13 million.
St. Petersburg’s EDGE district has continued to grow as an arts and entertainment destination. The district was recently recognized by Forbes Magazine as a neighborhood to watch.