Coral Gables-based real estate firm Altis Cardinal has purchased a 34-acre office park in St. Petersburg’s Skyway Marina District in a $40 million all-cash deal.
The deal for the Ceridian Office Park at 3201 34th St. South represents the city’s largest land purchase in decades, according to Altis Cardinal. The firm has bold visions of transforming the site into a $500 million mixed-use development and delivering over 1,500 residential units.
“We’ve been in St. Petersburg for nearly 10 years. Since we sold the Elements on Third property [in a $125.5 million deal], we’ve been looking for an opportunity to be a part of St. Pete’s growth,” Frank Guerra, principal and founder of Altis Cardinal, told the St. Pete Catalyst.
Altis Cardinal has a significant presence in St. Pete as the group also redeveloped the old Mosley Hotel property and Cornerstone Office Complex in Kenwood.
Guerra said the booming multifamily scene in the Skyway Marina District attracted him more so than the other competing submarkets.
“We see the Skyway Marina District as the next city center. This development will be the most exciting corner of St. Pete,” he said, adding how more rooftops result in a need to deliver retail and office space.
In the heart of the acquired site is the Ceridian campus that houses multiple buildings, including a nine-story, 60,453-square-foot structure that was originally created for tenant Florida Power in 1971.
Altis plans to develop a mix of commercial, 1,520 multifamily units and retail, but will keep a portion of the property’s existing 380,000-square-foot office complex, which Guerra said will be renovated.
Guerra said the development will be built in phases over a seven to eight-year period and could cost $500 million, including the purchase of the land.
The multifamily units and retail space would be located along 34th Street. The housing portion includes market-rate apartments and walkable retail mixed in with commercial space.
“I’m not aware of any other developer in St. Petersburg who currently has this many units under development,” Guerra said in a news release.
Guerra told the Catalyst he plans to integrate the project with the Pinellas Trail although the trail isn’t directly connected to the site.
The firm’s next step will be the submission of a master plan for the property.
Guerra said he plans to work with Cushman and Wakefield on the leasing of the property. Guerra previously worked with Cushman and Wakefield on the 431-unit Elements on Third development.
The Skyway Marina District has seen a recent boost of residential activity over the past year with developments ranging from the Sur Club, a 296-unit luxury residential complex that opened at 3303 32nd Ave. South; The Addison at Skyway Marina, a 314-unit luxury rental apartment complex at 3951 34th St. South; and the 245-unit Marina Walk complex at 4601 34th St. South.