Attention gearheads, “man caves” filled with luxury cars from Lamborghinis to Maseratis are coming to St. Petersburg.
Prominent real estate developers Bowen Arnold of Tampa-based DDA Development, Scott Clendening of St. Petersburg Commercial Partners Realty, and Matt Mosk of Largo-based Mosk Development Co., one of the largest industrial and commercial developers in Pinellas County, are working together to develop a luxury car condo community.
At the northeast corner of Interstate 275 and Gandy Boulevard will be the Motocave Tampa Bay car condo community.
The 3.75-acre site next to the St. Pete Housing Authority HQ was purchased by Clendening several months ago. The planned Motocave development will offer 43 high-end spaces to house and store motor vehicles.
“This will be my first development project and it will be the first-ever car condo development in St. Petersburg,” Clendening said.
“Matt is one of the most prolific industrial developers. He was interested and brought Bowen into the discussion,” Clendening said about the masterminds behind major industrial and residential projects in St. Pete who are now working hand-in-hand.
Clendening said the site has great accessibility for the South Tampa, St. Petersburg and Clearwater markets. It is also near Jabil Inc. and other Fortune 500 companies.
While the car condo concept is new for St. Petersburg, there are existing car condo communities around Tampa Bay. The Motor Enclave is under development adjacent to the Tampa Executive Airport. It will have over 300 garages and a driving performance track for users. Wheel Base Garage Condos in Lakewood Ranch offers 46 climate-controlled units.
“We landed on this concept based largely on our analysis of existing projects and their success. Similar developments are selling out in six months or less. We hired architects and contractors experienced in this lane,” Clendening said. “They are crucial in helping guide us.”
The Motocave units will range from 1,000-1,400 square feet. The basic units will offer air conditioning, a restroom, a janitorial sink and a large overhead fan. All units will have fire sprinklers.
Users can have various upgrades including a steel-fabricated mezzanine that leads to a loft, and lifts to create room for additional vehicles.
The overhead doors for the units are 14 feet, to accommodate luxury RVs.
“We all shared an interest in building a car condo development,” Arnold said. “DDA is developing The Nolen [a 23-story condo tower] and we will have parking spaces for residents, but this would be perfect for someone who is looking to buy a unit but needs more space if they collect cars.”
There would also be a common area detail station, a green space for events, and a two-story clubhouse that could cater toward large events and has a showcase area where a vehicle can be housed and viewed.
Arnold described the development as having a modern industrial aesthetic.
The entire project is estimated to cost roughly $8 million.
The team anticipates breaking ground in the first or second quarter of next year, and expects it will take eight to 10 months to complete. They would start selling units within the next two months and hand the keys over to the unit owners late next year or in the first quarter of 2023.
Arnold said they are not planning on reserving units and will be going straight to contracts. The units will be priced per square foot; however, the exact pricing has not been finalized. The group will likely have a marketing collaboration with high-end auto dealerships and at car shows.