St. Petersburg’s Central Avenue: A Neutral Overview of the $14.75 Million Development Deal
The recent sale of the 1100 block of Central Avenue in St. Petersburg for $14.75 million marks a significant development in the ongoing efforts to revitalize the area. Fort Lauderdale-based developer PTM Partners acquired the property from Tricera Capital and Eastman Equity as part of their plan to introduce new retail spaces, apartments, and a Moxy Hotel to the Edge District.
The purchase sets the stage for the second phase of a mixed-use project known as EDGE Collective. This phase will see the construction of approximately 350 residential units, 350 parking spaces, and 20,000 square feet of retail space. Phase one of the development, which commenced nearly two years ago, is nearing completion and includes a 163-room Moxy Hotel, along with various amenities such as a rooftop bar, Floyd’s Barber Shop, and a Solidcore pilates studio. Additionally, PTM Partners is renovating a historic four-story commercial building adjacent to the hotel, with plans to add office space on the upper floors and food and beverage options on the ground floor.
Nicholas Pantuliano, COO of PTM Partners, highlighted the importance of Central Avenue to the St. Petersburg community, noting its significance as one of the country’s premier main streets. He emphasized the developer’s commitment to enhancing the corridor’s appeal while acknowledging the responsibility to contribute positively to the neighborhood’s character.
The development’s second phase will involve the demolition of existing buildings, including those housing Pin On Cafe, Emoto, and Chai Mixology. While PTM Partners expressed openness to having these businesses return to the site, there will be a gap between the demolition and completion of the new development.
A key objective of the project is to connect the bustling activity in the Edge District with the Historic Gas Plant District, slated for development at the Tropicana Field site. Pedestrian walkways, including a 7500-square-foot garden, will facilitate this connection, fostering a sense of continuity and cohesion between the two areas.
Shari Neissani, VP of Development at PTM Partners, underscored the significance of the 1100 Block of Central Avenue in their Phase II plans for the Edge District. She emphasized the project’s role in meeting the growing demand in the vicinity of the Rays’ stadium while contributing to the area’s revitalization efforts.