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