Dynasty Financial Partners Selected To Redevelop 2-Acre Site Near Tropicana Field In St. Petersburg

Massing of a potential 36-Story mixed-use tower. Rendering courtesy of Dynasty Financial Partners.

Last November, the City of St. Petersburg issued a Request for Proposals (RFP) for the redevelopment of a 2.02-acre site near Tropicana Field in the Intown Redevelopment Area. The RFP was issued following an unsolicited offer by New York City-based developer Atlas Real Estate Partners. Outgoing Mayor Rick Kriseman has selected Dynasty Financial Partners to purchase the property for $6.25 million, which is specifically located at 910 2nd Avenue South and is comprised of nearly 88,000 square feet. The property is bound by Dr. M.L.K. Jr. St. S on the east, 3rd Ave. S. to the south, 10th St. S. to the west and 2nd Ave. S. to the north, and was previously being utilized as a parking lot leased to the Tampa Bay Rays.

Dynasty Financial, who’s onboarded several investment partners for the project including Ark Investment Management’s Cathie Wood, Third Lake Partners CEO Ken Jones, venture capitalist Steve Case and his company Revolution Growth, The Connect Group, and Dynasty CEO Shirl Penney with its Investors, is proposing to build a a 36-story mixed-use tower that would yield 60,000 to 90,000 square feet of Class A office space, 15,000 to 20,000 square feet of retail space and 350 to 400 multifamily dwelling units. The new building would also serve as the new headquarters for both Ark Investment and Dynasty Financial.

Preliminary site plan. Photo courtesy of Dynasty Financial Partners.

According to the preliminary site plan, the ground floor would be the lobby and drop-off area, and most likely commercial or retail space. Residential levels between on the 2nd floor up until the 7th, followed by 7 stories of office space. Residential levels continue from the 15th floor up until the 36th floor. The tower would rise out of a 6-story podium, which would be feature a multi-level parking structure and a residential amenity deck, likely on the 6th floor. Approximately 12% of the residential units would be income-restricted for workforce housing.

A schedule for construction has not been announced, but Dynasty estimates the project would cost in the range of $140 million and $160 million.

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