St. Pete’s only car condo begins closings
By Henry Queen
Tampa Bay Business Journal
Published: Sep 20, 2024

Construction on St. Petersburg's first car condominium is wrapping up, and the developer behind the project wants to replicate the model elsewhere in Tampa Bay.

Motocave will offer car enthusiasts climate-controlled storage and the design flexibility that comes from actually owning the space. A similar concept has worked on a larger scale in eastern Hillsborough County with Motor Enclave, which also offers an on-site race track.

In St. Pete, DDA Development, Mosk Development Co. and Commercial Partners Realty Inc. are looking to capture the Pinellas County market while offering proximity to South Tampa. DDA Development Principal Bowen Arnold said there is enough demand for more.

"We're thinking about doing another one," Arnold said. "The key is the location. You have to be [somewhere] where people can get to easily, and it's got to be a relatively affluent area, too."

Buyers at the Motocave, located at 2051 Gandy Blvd., recently began closing on their garages. So far, sale prices have topped out at $750,000, and the average price per square foot has been $330 per square foot, according to a spokesperson.

Unit sizes range from about 900 square feet to about 2,150 square feet. The average unit size sold is about 1,200 square feet — plenty of room for boats and RVs should a buyer need space for those instead. Of the 43 total units, five units remain.

The development team has received certificate of occupancy permits and aims to finish the project in October. The floors of the 24-hour clubhouse are being polished and sealed, and the billiards table, TVs and display motorcycle will soon be installed.

Mature palm trees dot the premises, part of an emphasis on landscaping funded by a homeowners association fee.

It's a creative project — but one that speaks to a growing trend in the automotive community.

Other than Motocave and Motor Enclave, there are a handful of other car condo communities across the broader region, including one in East Tampa (Paddock1) and several near Lakewood Ranch in Sarasota County (Wheel Base, Luxe Dream Garage and Car Collective, the latter of which is still under construction).

This was the first car condo development for DDA Development and Mosk Development Co., which first pegged the site for general industrial space. The partners took out a $7.5 million loan but only drew $5.8 million due to high sales. Construction began in 2022.

"It's worked out well," Arnold said.