Large multifamily projects aim to transform underutilized St. Pete properties
By Breanne Williams
Tampa Bay Business Journal
Published: Jun 9, 2023

Two major multifamily developments in St. Petersburg are transforming large, underutilized properties.

In total, the two projects will bring nearly 2,500 apartments to the city, which is currently in a major housing crisis. In April, city council received an update on housing statistics that showed that local demand still drastically outpaces supply. The city has been seeing growth for years, but the demand for housing rapidly escalated during the pandemic.

Skyway Village

Coral Gables-based Altis Cardinal has submitted plans to redevelop a 34-acre office campus in the Skyway Marina District into a mixed-use development with more than 2,000 apartments.

The phased development is the latest of several transformative projects in the district and Frank Guerra, principal of Altis Cardinal, told the Tampa Bay Business Journal his company specializes in investing in neighborhoods before they become popular.

“Right now, this is a mostly empty office park, and we think it’s one of the corners of St. Pete that is really experiencing a renewed interest,” Frank Guerra, principal of Altis Cardinal, previously told the Business Journal. “Downtown is what it is; Central Avenue is what it is. This is a lower cost alternative to that.”

Few properties are left of this size, and Altis Cardinal will bring a maximum of 2,084 apartments, 119,160 square feet of self-storage space and 49,000 square feet of commercial space to the site. The apartments will be in six buildings, each five stories.

A 23,500-square-foot national grocer is expected to anchor the development. Restaurants, coffee shops, boutiques, wine bars and other unique retail will be targeted for the remaining retail, which will act as a central spine to the project.

A unique attribute of the project will be the amenities tower on site. Guerra said they’re retaining the Ceridian office tower and converting it to a 56,959-square-foot amenities building for residents. It has ocean views, and the floors will be themed. There will be a floor for coworking and office space, two floors for fitness, a Sky Lounge and a floor for pet services.

Another building will be repurposed as a self-storage facility. The group intends to add two streets and two avenues to the site.

The company purchased the office park in December 2021 for $40 in an all-cash deal. Earlier that year Altis Cardinal sold Elements on Third — a 10-acre, 431-unit campus in St. Pete’s Union Central district — for $125 million.

Arya

The first buildings in Naples-based Stock Development’s project near Fourth Street will be ready later this year.

The project, which is under construction at 5475 Third Lane N, will fill in just under 20 acres and will feature 415 units. The developer is building two five-story buildings, four four-story buildings and five two-story carriage homes. Residents will have the choice of one- to three-bedroom floorplans.

“Arya is situated in St. Petersburg’s highly desirable Fourth Street North neighborhood and is positioned between downtown St. Pete and Pinellas’ Gateway area, which is a short car or bike ride to phenomenal restaurants, convenient shopping districts and a wide array of recreational opportunities,” Claudine Leger-Wetzel, vice president of sales and marketing for Stock Development, said in a release.

The site was once the Venetian Motor Home Court mobile home park. Now it will feature the units as well as amenities like a putting green, walking path, grilling area, dog parks, pool and pickleball courts.

Stock Development purchased the property in June 2020 for $10.8 million, according to a Pinellas County deed. The group secured an $87.5 million mortgage from CIBC Bank USA in April.