Dynasty Financial to develop city-owned block in downtown St. Pete
By Breanne Williams
Tampa Bay Business Journal
Published: Dec 31, 2021

St. Petersburg Mayor Rick Kriseman has selected Dynasty Financial Partners to purchase a city-owned property on Second Avenue to develop into workforce housing and Class A office space.

Dynasty’s pitch comprised an all-star team — Ark Investment Management’s Cathie Wood, Third Lake Partners CEO Ken Jones, venture capitalist Steve Case and his company Revolution Growth, The Connect Group, and Dynasty CEO Shirl Penney with its Investors. It pitched the creation of an innovation hub at the site.

The hub is envisioned as a place for earlier stage companies looking to grow their corporate presence in St. Petersburg to work alongside established and successful local companies.

“Our team plans to work closely with the city, surrounding tenants, our neighbors, and the Rays to build a property that speaks to the tremendous growth in innovative technology and financial services in St Pete and the surrounding Tampa Bay Region,” Penney said.

The plan is for the company to give the city $6.25 million for the 2.02-acre site at 910 Second Ave. S. between Dr. Martin Luther King Jr. Street and 10th Street. On the property, the company will build a 10-story mixed-use building that has 60,000 to 90,000 square feet of Class A office space, 15,000 to 20,000 square feet of retail space and 350 to 400 multifamily units.

When complete, the facility will act as the new headquarters for both Ark Investment and Dynasty, both of which will soon outgrow their current locations at the 200 Central Avenue office building.

Penney said they intend to bring Iron Chef and Michelin star holder Marc Forgione of New York and James Beard Foundation Award-winning Chef Michelle Bernstein of Miami to restaurants at the development.

Dynasty said the project would cost between $140 million and $160 million.

Penney said he and the rest of the team at Dynasty appreciate that St. Pete has embraced them since they moved their headquarters to the city in 2019. This was the “natural next step for us in investing in the future of this growing community," he added.

“We also look forward to working with incoming Mayor Ken Welch and his administration,” Penney said. “And we believe that when combining the additional commercial real estate with world-class retail space and restaurants and quality apartments (including workforce housing) that it will help to stimulate further development around the Trop and the 900 block of Second Ave South."

Dynasty was one of seven bids for the site. Kriseman announced Dynasty was his pick Thursday afternoon, roughly a week before he leaves office.

There is an estimated 120 day due diligence period for Dynasty, according to the group’s proposals, and closing will occur 10 days after either that period is complete or construction permits have been approved from the city.