Tim Draper’s venture network eyes ARK’s proposed Deuces innovation center

A proposal submitted by HP Capital to redevelop a city-owned parcel in St. Petersburg’s 22nd Street South corridor, commonly known as The Deuces, has attracted interest from billionaire venture capitalist Tim Draper’s startup ecosystem, according to a letter obtained by the Catalyst.

HP Capital is one of seven teams that responded to the City’s request for proposals to redevelop the Commerce Park site. Its Corridor 22 proposal includes a 75,000-square-foot innovation center anchored by ARK Investment Management, along with mixed-income housing, neighborhood retail, restaurants, a grocery store and public gathering space. 

Tim Draper. Photo provided.

Draper University, which describes itself as a “global human accelerator,” was founded by billionaire venture capitalist Tim Draper to promote entrepreneurship and innovation. The organization focuses on pre-accelerator programs, including its “Hero Training” curriculum for founders and emerging business leaders. Its immersive courses are held at its San Mateo, California campus and at innovation hubs around the world.

St. Petersburg could soon join that list, according to a July 8 letter of interest.

“We understand that ARK Investment Management LLC intends to serve as the anchor tenant of the innovation center within the Corridor 22 development proposed for St. Petersburg’s 22nd Street South corridor,” Draper University CEO Asra Nadeem wrote to ARK Invest Chief Financial Officer and Chief Strategy Officer Paul Wilson. “We would welcome the opportunity to work alongside ARK to advance this vision.

“We expect that Draper University and our affiliated venture network should be interested in supporting and positioning some of our portfolio companies in the area, particularly in the sectors where we believe St. Petersburg and the wider Tampa Bay region are poised to lead.”

Nadeem continued: “Subject to pricing, completion, and other customary terms, we expect our portfolio companies would be interested in becoming a tenant in the Innovation Center alongside ARK.”

The letter expresses Draper University’s support for the proposed development and indicates that companies within Draper’s venture portfolio could locate in the innovation center if HP Capital’s proposal is selected by the City.

The announcement also reflects ARK’s continued investment in St. Petersburg following its unsuccessful bid to redevelop the Historic Gas Plant District. It follows the June launch of a new early-stage venture fund in collaboration with spARK Labs, headquartered at the 4th Street South ARK Innovation Center. Founded by Cathie Wood after relocating to St. Petersburg, spARK Labs reached capacity earlier this year and now has a 12-month waitlist.

In a statement to the Catalyst, Wood welcomed Draper’s letter.

“With the tremendous success of the ARK Innovation Center, we have seen even more demand for space to grow the businesses of tomorrow.

“Bringing Draper’s portfolio of companies to the Deuces historic commercial district will create jobs and spark opportunity in one of St. Petersburg’s most pivotal neighborhoods of promise. ARK is excited for the opportunity to partner with Tim Draper and advance our commitment to the growth and development of our St. Petersburg home.”

City staff are scheduled to hear presentations from the seven Commerce Park proposers later this month, before making a recommendation to Mayor Ken Welch. It is not yet known whether the administration will attempt to select a proposal before the fall election.