PTM Partners has taken the wraps off its plan for a Central Avenue site in the heart of the EDGE District.
The Miami-based developer plans a mixed-use retail, hotel and co-working project, called The Edge Collective.
“We believe in St. Petersburg and the vibrancy of the EDGE District. We look forward to developing an inclusionary project and destination for the community and visitors that is unique but also authentic to the makeup of the neighborhood,” Michael Tillman, co-Founder and CEO of PTM, said in a news release. “Our vision is for this particular block to encourage public gathering, cultural identification and unique experiences for all of downtown St. Petersburg.”
A 161-key Marriot Moxy Hotel will anchor the project. There will be 16,500 square feet of coworking space run by Station House. There also will be a 12,000-square-foot food hall, dubbed “the Hall on Central,” a chef-driven food and beverage concept managed by the team behind The Hall on Franklin in Tampa. The food hall will link to a 7,000-square-foot outdoor garden.
A central component of the project will be a mid-block retail arcade/paseo that will lead directly to Tropicana Field and will be complemented by 4,500 square feet of retail space.
Architects Storyn Studio for Architecture and Kobi Karp AID will design the project. The Edge Collective’s first phase of development will conclude in 2022.
PTM bought the site at 1246 Central Ave. for $13 million last month. Tricera Capital, in a partnership with Jonathan Daou’s St. Petersburg-based Eastman Equity, had acquired the site in March 2018. Tricera said it planned to reinvest some of the capital generated from the sale into the future development of the site.
The site currently includes a freestanding four-story, 28,708-square-foot retail building that operates as a furniture store and showroom. The coworking space will be on the top two floors of the existing building and the food hall will be on the lower two floors.
The EDGE District has become increasingly popular over the last five years as a distinct extension of downtown St. Petersburg.
“We are seeing St. Pete grow and change in exciting, extraordinary ways. Construction values are soaring for both commercial and residential properties, with permits being issued at record levels. But growth is more than about buildings and cranes on the skyline; it’s about people, too,” St. Petersburg Mayor Rick Kriseman said in PTM’s news release. “Balancing investments in places with a focus on our people, St. Petersburg has become a global destination not just for tourists who seek our famed sunshine, but for national and international businesses as well. That’s the spirit of St. Pete; that drive to dream bigger, do better and be better.”
The Edge Collective site is in an Opportunity Zone, created by the Tax Cuts and Jobs Act of 2017 to lift up economically distressed communities and spur real estate investment.
PTM also is developing Opportunity Zone sites in Miami and Washington, D.C.