Dynasty, Apogee and others submit bids to develop site by the Trop

Concepts ranging from workforce housing with Class A office components to creating an innovation recruiting hub that could be anchored by Dynasty Financial Partners and ARK Invest are all on the table for the 900 Block site. 

On Monday, the city released proposals submitted by developers vying to purchase the 2-acre undeveloped land at 910 2nd Ave. South. The site is an assemblage of two parcels, including parking that is currently under lease to the Tampa Bay Rays. 

The proposal process was initiated after Atlas Real Estate Partners made an unsolicited bid to buy the city-owned site for $5.5 million and build a 10-story development. The unsolicited bid triggered an open process for others to submit proposals. 

The original bid from real estate group Atlas Real Estate Partners encompassed building a 310-unit residential complex with a mix of traditional, micro and co-living units as well as short-term rentals. The buildings would also feature 15,000 square feet of co-working space, which will occupy two floors, and 20,000 square feet of commercial/retail use. 

Read more about the proposal here. 

There are six additional proposals that have been submitted.  

The following details the groups bidding on the site and their vision: 

Apogee’s proposal

The group behind the Icon Central and The Hermitage developments is tossing its hat in the ring. 

The St. Petersburg-based Apogee Real Estate Partners LLC, in conjunction with South Florida-based architects Nichols Brosch Wurst Wolfe & Associates and office leasing specialist Cushman and Wakefield, collectively the Development Group, submitted a proposal to the City of St. Petersburg. 

Apogee and its partners are offering the city $5 million to purchase the site. The group’s proposal consists of two parts: The first part is to build a 216,000-square-foot, Class A office tower. Nine floors of the tower would front Dr. Martin Luther King Jr. Street South. The second part involves a second tower that would be a 25- story Class A residential tower over podium parking housing with approximately 360 units fronting 10th Street South, of which, 10% is available as workforce housing.

Apogee’s rendering of the view from the southwest. Apogee.

The mixed-use development would also have retail space and over 1,000 parking spaces, of which roughly half will be available to the public to use. 

“We see the site located at 910 2nd Ave. South as one of the last suitable sites for the city to help facilitate the development of a financially feasible Class A office building, which will create new high paying jobs, as well as additional jobs for our existing residents, thus contributing to our continued economic growth and long-term sustainability,” John Barkett, managing partner, said in a release. “It also allows us to add assets that are vital to this community in the form of workforce housing along with much-needed parking available to the public.” 

A rendering of Apogee’s mixed-use development from the northeast. Apogee.

Barkett told the St. Pete Catalyst that a lack of Class A office space is driving the plans for the development and that Apogee’s proposal stands out as it incorporates workforce housing. 

“We feel this financial feasibility is really a precursor to the redevelopment of the Trop site,” he said. 

Apogee is involved in multiple projects surrounding the Trop site. The company was involved in the initial planning and entitlement of the new Mill Creek project; Modera St. Petersburg, a 20-story, 383-unit Class A multi-family project just east of  Interstate I-275 and south of the Pinellas Trail; as well as Trails Crossing, a public-private initiative to transform four blocks under the I-275 overpass and along the Pinellas Trail into a park with green spaces and amenities. 

Dynasty’s proposal 

Dynasty Financial Partners desires to acquire the site for $6.25 million to develop a Class A mixed-use project. 

Dynasty is a fairly new company in St. Petersburg. It offers wealth management and technology platforms for independent financial advisory firms. It moved from New York City to St. Petersburg in 2019. 

The St. Petersburg-based group’s proposal highlights that the site would become the new headquarters for Dynasty and potentially the headquarters of Cathie Wood’s ARK Invest firm.  

ARK Invest is currently based at 200 Central, which is where Dynasty is also based. 

“Both Dynasty and ARK Invest have chosen St. Petersburg as their corporate home, Third Lake Partners has made extensive investments in the city, and all the proposed contributors to the project, as detailed in the attached materials, have intent to further establish St. Petersburg as a destination for innovative businesses and skilled and diverse professionals,” the proposal read.

“Dynasty and Shirl Penney, ARK Invest and Cathie Wood, Third Lake and Ken Jones, and Revolution and Steve Case would be anchor contributors to the innovation hub of the project.” 

A rendering from Dynasty Financial Partners. City of St. Petersburg documents.

According to the proposal, it aligns with the city’s Grow Smarter strategy as it includes: 

• 60,000-90,000 square feet of Class A office space, which will serve as the headquarters for Dynasty, potentially ARK Invest, as well as other entrepreneurial companies with a focus on innovation in financial services and data analytics
  ▪ 350–400 residential units that will include a combination of affordable housing options catering to a multi-generational rental profile, including young professionals, families and retirees; A 12% workforce housing component will be included as part of the project
  ▪ 15,000-20,000 square feet of retail space, including one or multiple destination celebrity chef restaurants; Through Dynasty’s relationships, Iron Chef and Michelin star holder Marc Forgione of New York and James Beard Foundation Award-winning Chef Michelle Bernstein of Miami have expressed an interest in bringing their culinary talents to the project
  ▪ The development will have an overarching goal to drive innovation and economic development in St. Petersburg, with a focus on innovation and entrepreneurship in the financial services and data analytics industries, all while highlighting the power of community in our city. The project contemplates an innovation and recruiting hub to accomplish this goal with potential participation by Dynasty, ARK Invest, Third Lake Partners and Revolution (parent company to Rise of the Rest).
  ▪ There will be a mutually agreeable parking plan that aims to provide sufficient parking to satisfy the requirements identified in the Rays stadium plaza lot lease without negatively impacting the visual appeal of the neighborhood.

Mill Creek Residential’s proposal 

Mill Creek Residential is vying to purchase the site for $10 million to develop a mixed-use project dubbed Modera NineTen. 

Modera NineTen would be a minimum 385-home, mixed-income multifamily hi-rise with ground-floor retail and structured parking.

The Modera NineTen development would represent Mill Creek’s third community in downtown St. Petersburg. Mill Creek recently purchased 2.86 acres west of Tropicana Field where it plans to develop Modera St. Petersburg, a 383-unit, hi-rise multifamily community. Previously, the group developed Modera Prime 235. 

Mill Creek says 15% of the apartments at Modera NineTen will be workforce housing units for people qualifying at 120% of the average median income. 

MCR will provide an additional 226 spaces in a structured parking garage available for public parking and the satisfaction of the city’s parking lease obligation with the Tampa Bay Rays.

Blake Investment Partners and Eastman Equities’ proposal

St. Petersburg-based Blake Investment Partners and Eastman Equities are offering the city $15 million to purchase the property. 

The duo, referred to as EastmanBlake, would develop a mixed-use development with multifamily units with 10% dedicated to workforce housing, retail and office space. 

EastmanBlake would reach out to medical research tenants in conjunction with Moffitt Cancer Center. 

“We certainly believe the more advanced medical research in our city the better. Our development group is well suited to manage projects and create the highest and best uses for the city. Additionally, UPC had a city block under contract for some time. We believe UPC would be an ideal tenant or office condo buyer as EastmanBlake certainly wants to promote jobs in our great city,” the proposal read. 

Blake will also incorporate public parking into the structure to help address the parking needs of the city along central and the newly activated 9th Street corridors.

Allen Morris’ proposal 

Coral Gables-based real estate firm The Allen Morris Company is offering the city $5.5 million to purchase the site to build a mixed-use development dubbed the Edge District Centre. 

It would feature office spaces, multifamily units with an affordable housing component, ground-floor retail and public parking.

A rendering of the Edge District Centre concept from Allen Morris. City of St. Petersburg documents.

One of Allen Morris’ projects includes The Hermitage Apartments in St. Petersburg.

“Based on the success of that property, we look forward to once again building another beautiful mixed-use development in the heart of St. Petersburg,” the group wrote in its proposal. 

Allen Morris intends to develop a five-story building with 100,000 square feet of Class A office space; a 400-unit Class A apartment building, of which 60 units would be designated for affordable housing; and 20,000 square feet of ground-floor space for retail and restaurants.

A rendering of the Edge District Centre concept from Allen Morris. City of St. Petersburg documents.

The retail and restaurant spaces would be incorporated within the lobbies of the office building and residential building. 

“Regarding the affordable housing, we believe strongly that there should be no difference in the quality of the apartments we produce for either our market-rate customers nor someone whom lives in one of our affordable apartments. To that point, we propose to work with the city to make sure the distribution of the unit types and location within the building supports that commitment and achieves the true purpose of affordable housing,” the group wrote. 

The group proposes to replace those surface lot spaces with space inside the new parking deck that it plans to build below the office and residential building. Its goal would be to provide a separate parking area for the city, with a designated entrance and exit to ensure easy access for public parking. 

Trammell Crow Residential’s proposal 

Texas-based Trammell Crow Residential is offering the city $13.5 million to purchase the site to build a residential development. 

Trammell Crow Residential is proposing to develop a seven-story residential development to include 45 workforce housing apartments at 120% AMI (15% of units), 15 live-work townhomes and 240 market-rate apartment units.

The proposal is very similar to the proposal the group submitted when it was vying to purchase the 800 Block to build a residential complex. The group submitted the same rendering.

Trammell Crow Residential’s rendering of the residential complex. City of St. Petersburg documents.

This plan includes:

• 72 studios that are 650 square feet
• 140 one-bedroom units that are 725 square feet 
• 70 two-bedroom units that are 1,100 square feet 
• 18 live-work townhomes that are 1,400 square feet 

The ground-level, live-work townhomes are designed to activate the street-level pedestrian experience.

The units would have quartz countertops in the kitchen, stainless steel appliances and vinyl tile. 

The community would feature a rooftop amenity deck. 

The amenities at the complex would include a resort-style pool, pet spa, state-of-the-art fitness center, hammock garden and electric car-charging stations.