ST. PETERSBURG, Florida—PTM Partners and DoveHill Capital Management announced their joint venture partnership on the Edge Collective. The mixed-use opportunity zone development will feature a ground-up, 163-key Moxy Hotel by Marriott, which will be the first lifestyle hotel for downtown St. Petersburg, Florida’s EDGE (Entertainment, Dining, Galleries, Etc.) District. Conceptualized and managed by Wurzak Hotel Group, the hotel will feature an indoor/ outdoor rooftop dining and nightlife venue with views of downtown. The project is slated to break ground in Q2 2022.
“In partnership with DoveHill, we are confident that all of the components are now in place to bring our vision of the Edge Collective to fruition,” said Nicholas Pantuliano, chief development officer and chief operations officer of PTM. “The mixed-use development will offer an innovative and inclusionary destination for the community and tourists to experience, which will further complement the neighborhood’s dynamic offering.”
As the EDGE District continues to grow as an arts and entertainment destination, the Moxy Hotel will take advantage of the experiential lodging demand by the local business community and leisure travel. With architecture by local firm Storyn Studio, the hotel will create a common garden shared by both the lobby bar, coffee shop, and the additional retail space. It will also have a gym, a rooftop pool, bar, and restaurant The entire area is within a Qualified Opportunity Zone (QOZ), which is anticipated to spur further growth.
“We are very excited to make our fourth Florida investment in the thriving and incredibly dynamic city of St. Petersburg and build upon the visionary investment originally made by PTM. Our new project will focus on place-making and will elevate the hospitality experience downtown. The Moxy Hotel will anchor the EDGE district’s culturally rich community and will fast become a dining and entertainment hub,” said Jake Wurzak, founder and CEO of DoveHill.
Upon completion, the Edge Collective will consist of the 163 key Moxy Hotel, an outdoor garden, and retail paseo as well as a refurbished 4 story building that will feature 17,000 square feet of ground-level retail and restaurant space and commercial space above. PTM Partners acquired the 1.6-acre parcel on Central Avenue between the 1100-1300 blocks (currently a parking lot and vacant commercial building) in October 2019 for $13 million.
“Along with DoveHill, we are looking forward to breaking ground in 2022 and beginning to reintroduce this dynamic project to a neighborhood we believe in for the long-term, said Michael Tillman, CEO of PTM. “The Edge Collective will provide an added layer of vibrancy and culture to a district that is already burgeoning, and truly is about cultivating opportunities for the overall community.”
St. Petersburg, Florida generates demand from its beaches, urban core, and corporate presence featuring three Fortune 500 company headquarters. Downtown St. Petersburg is undergoing a revival with over 2,500 multifamily units under construction.