Florida & Gulf Coast + Central Florida + Hospitality | January 11, 2022

PTM and DoveHill Form JV for St. Petersburg Hotel-Based Mixed-Use Project

PTM Partners and DoveHill Capital Management have formed a joint venture partnership on the Edge Collective, a mixed-use, qualified opportunity zone development located on Central Avenue in St. Petersburg, FL.

PTM Partners acquired the development’s 1.6-acre parcel site (currently a parking lot and vacant commercial building) in October 2019 for $13 million.

Edge Collective will feature a ground-up, 163-key Moxy Hotel by Marriott, which will be the first lifestyle hotel for downtown St. Petersburg’s EDGE (Entertainment, Dining, Galleries, Etc.) District. There will also be a refurbished four-story building with 17,000 square feet of ground-level retail along with restaurant and commercial space above.

The project is slated to break ground in Q2 2022.

As the EDGE District expands as an arts and entertainment destination, the Moxy Hotel is positioned to take advantage of an expected increase in lodging demand. The entire area is within a qualified opportunity zone, which is anticipated to spur further growth.

Photo: Storyn Studio for Architecture

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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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