$750 million redevelopment in St. Pete's Skyway Marina district will begin with Sprouts construction
By Breanne Williams
Tampa Bay Business Journal
Published: Mar 7, 2024

Coral Gables-based Altis Cardinal has rebranded its upcoming 34-acre project in St. Petersburg’s Skyway Marina District.

The former Ceridian office campus at 3201 24th St. S is on the cusp of a $750 million redevelopment that will transform the property into a mixed-use district. Frank Guerra, founder of Altis Cardinal, told the Tampa Bay Business Journal the community, previously named Skyway Village, will henceforth be known as Sky Town.

When complete, the neighborhood will have 2,084 units and 92,000 square feet of retail. It will be developed in six phases. The existing office campus is currently being demolished.

Last summer, Altis announced plans to bring Sprouts Farmers Market to anchor the development. After months of negotiations and working with the city, Guerra said Sprouts will begin construction in September or October. Altis Cardinal plans to break ground on the first multifamily phase of the project in the first quarter of 2025.

“We’re kicking everything off with really what’s going to be the front door to the community, which is that Sprouts, and an outparcel that is standalone,” Guerra said. “That will have neighborhood retail like a coffee shop, wine bar or that kind of thing. We’re trying to be very selective about what tenants go in there. We want to have tenants that are consistent with the chic, tomorrow’s generation theme.”

Sky Town will be geared toward young professionals moving to or within St. Pete. Guerra said they will have tenants throughout the community that reflect that modern consumer.

The first multifamily project will feature approximately 395 units. The group went through an extensive design and entitlement process. Since demolition began, Guerra said they’ve received countless questions from the community wanting to stay plugged into the evolution of the project.

The Development Review Commission approved the project in October. As they finalize their permits, Guerra said they’re moving “full steam ahead” and are “putting the band back together” for this extensive undertaking.

Altis will be working with several of the same groups it has worked with before regarding equity and construction lending.

Altis previously developed Elements on Third in St. Petersburg. The 10-acre, 431-unit community lies in the Union Central District. The group sold Elements in 2021 for $125 million. Altis then purchased the Ceridian office campus in December 2021 for $40 million in an all-cash deal.

The development team also includes Stantec and Washington, D.C.-based WDG Architecture.