Dynasty CEO says new St. Pete development will become a tech beacon for Tampa Bay
By Breanne Williams
Tampa Bay Business Journal
Published: Jan 11, 2022

Where other developers might see a mixed-use project, Shirl Penney sees a tool for transformation.

The CEO of Dynasty Financial Partners has partnered with Cathie Wood of Ark Investment Management, Ken Jones of Third Lake Partners, The Connect Group and venture capitalist Steve Case to build an approximately 25-story tower with retail space, office space and multifamily units on the 2.02-acre site at 910 Second Ave. S.

Former St. Petersburg Mayor Rick Kriseman announced the proposal was his pick for the city-owned property in late December. The deal is still subject to city council approval.

Penney said the project will act as a beacon for companies that wish to align themselves with the culture of companies like Dynasty and Ark Investment, both of which will occupy office space in the tower.

He said he sees St. Pete becoming a tech hub as an alternative to Charlotte, North Carolina, which he said was an early leader on the East Coast as companies began moving out of Manhattan. He believes St. Pete and the broader Tampa Bay region are up next, with the potential to grow into a fintech hub.

Between Raymond James Financial's headquarters, Ark’s legacy as a national asset manager and Dynasty’s reputation as a national wealth tech business, Penney said the region has "a heck of a foundation," and that the planned development will help further put a spotlight on the area.

With this vision, it makes sense to “be selective” about which tenants and partners come to the building, and Penney said they are looking for companies that are a “tremendous fit” culturally with the city, are growing fast and potentially have some connectivity to Ark or Dynasty from a business perspective. They plan to hire a leasing broker to market the space.

The proposal Kriseman selected includes plans for an innovation hub at the site that would allow early-stage companies that want to grow their reach in St. Pete to work alongside nationally renowned companies. Dynasty is quickly growing, and Penney said they are in the market to acquire businesses given their size and scale.

“You can envision us acquiring a business elsewhere in the country and then consolidating their headquarters or middle to back office to our headquarters in St. Pete,” Penney said. “We’re going to need space for that.”

The proposal also shows the goal 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. Penney said having a destination restaurant in the heart of St. Pete would be great to further that goal of using the facility to shine a spotlight on what the city has to offer.

“My wife and I personally, I’m sure, will end up being investors in the restaurants,” Penney said. “We believe in these entrepreneurs. That’s the beauty of the building; it’s entrepreneurs partnering with other entrepreneurs. It’ll be mutually beneficial and symbiotic I think for everyone involved.”

The building will also be on the edge of the upcoming redevelopment of Tropicana Field. Penney said his “sincere hope” is that putting a world-class facility there will help further investment in the area and jumpstart progress. He said they want to work in partnership with the Tampa Bay Rays and Midtown Development, the selected developers for the Trop site, to have the “best integration” of Fourth Avenue.

“We’re going to be good partners and good neighbors and do whatever we can to help that whole area of the city and the city as a whole be successful as possible,” Penney said.