(Tampa Business Journal) St. Petersburg finance executive Shirl Penney has assembled a roster of the city's most prominent power players to bid on a piece of city-owned property near Tropicana Field.
Penney's Dynasty Financial Partners has submitted a bid for the 2.02-acre site at 910 Second Ave. S. between Dr. Martin Luther King Jr. Street and 10th Street. Bids were opened after Atlas Real Estate Partners sent the city an unsolicited offer to purchase the property. Dynasty's proposal is one of six the city received after Atlas' plans went public.
Dynasty's proposal team includes Ark Investment Management's Cathie Wood, who moved the firm to St. Petersburg from New York City earlier this year. It also includes Third Lake Partners CEO Ken Jones and venture capitalist Steve Case and his company Revolution.
Their pitch for the property includes a new headquarters for Dynasty and Ark Investment Management, both of which have offices in 200 Central, an office tower in downtown St. Petersburg. (Third Lake Partners owns 200 Central.) The plans also include an innovation hub that would allow companies that want to break into the St. Petersburg scene to work alongside significant companies.
"This site has the ability to drive economic development for St. Petersburg," Jones told the Tampa Bay Business Journal, "and if you look at the group that was assembled, you’ve got a very diverse group of partners that have the ability to drive economic growth in St. Petersburg on many levels. It’s not just about building apartments; it’s not just about building office space, and it's not just about building retail. It’s about creating an ecosystem of companies and entrepreneurs who can drive economic growth throughout the city."
Dynasty, Penney told the Business Journal, is on the verge of a growth spurt and already outgrowing its current space in St. Pete. The firm is about to kick off a series of acquisitions, he said.
"We’re just excited to be here and excited to have the opportunity to put forth a proposal here," Penney said. "It’s great to see how much interest there is with all the bids that went in. I think that is a sign of the tremendous economic growth and opportunity that exists in St. Pete and the broader Tampa Bay.”
The initial proposal from Atlas was to build a 10-story, mixed-use building on the property. The company offered the city $5.5 million for the land. The building would have 20,000 square feet of retail on the ground floor, 15,000 square feet of coworking space and 310 residential units — 145 traditional apartments, 43 co-living units and 43 short-term rental units. The building would have a rooftop park, sky lounge, clubhouse, fitness center and a pool.
