Mixed-use development in St. Pete's Edge district lands construction loan
By Breanne Williams
Tampa Bay Business Journal
Published: May 19, 2022

A mixed-use development will begin construction after its developers secured a $42 million construction loan.

Miami-based PTM Partners and Fort Lauderdale-based DoveHill Capital Management are behind Edge Collective at 1234 to 1246 Central Ave. The developers secured the loan through Forbright Bank and the deal closed Tuesday, according to a news release. The project is planned for a 1.6-acre site that was temporarily home to the Edge Collective Urban Market Place.

The 163-key Moxy Hotel by Marriott will anchor the development — it is the first lifestyle hotel for the Edge District — and an outdoor garden, retail paseo and a refurbished four-story building with 17,000 square feet of ground-level retail and restaurant space with commercial above will complete the space.

“Forbright Bank, which specializes in financing value-add real estate projects on existing assets and selective construction projects, is pleased to be providing the strong partnership of PTM Partners and Dovehill with financing for the construction of the new Moxy Hotel and the refurbishment of an existing four-story commercial building into retail and office space,” George Lora, managing director for Forbright Bank, said in a release.

Berkadia, led by Scott Wadler and Alec Fox, advised on the debt and equity capitalization for the Edge Collective.

Scott Meyer, chief financial officer with PTM, said they are excited to partner with Forbright and break ground on a mixed-use development that will “complement the Edge District’s abundant energy and become a destination experience.”

Founder and CEO of DoveHill Jake Wurzak said they are “tremendously bullish” on the future growth of St. Pete and believe this is “one of the most exciting and dynamic markets in Florida.”