Mixed-use development with 1,500 residential units planned for Skyway Marina District
/The Ceridian campus is a 380,000 square foot office complex located in the SKyway Marina District of St. Peteresburg
A 34-acre office park in the Skyway Marina District has been sold. Coral Gables-based real estate firm Altis Cardinal closed today on the Ceridian campus located at 3201 34th Street South in a $40 million all cash acquisition. The deal represents the Sunshine City’s largest land purchase in decades.
“We’ve been developing in St. Petersburg for nearly a decade and are pleased to continue our presence here for another decade while working on this multi-phase development,” said Frank Guerra, Principal and Founder of Altis Cardinal. “This area is booming with growth, maturing as a world class city, and we’re excited to be a part of it.”
The firm’s next step will be the submission of a master plan for the property. Preliminary development plans call for an urban mixed-use project which keeps a portion of the property’s existing 380,000 square foot office complex while adding multi-family units and retail space along 34th Street.
A property located at 3201 34th Street South in the Skyway Marina District of St. Petersburg sold today for $40 million
The project will add to the new living corridor developing in the Skyway Marina District with up to 1,520 market rate apartments and walkable retail mixed in with commercial space.
“I’m not aware of any other developer in St. Petersburg who currently has this many units under development,” said Frank Guerra, Founder and Principal at Altis Cardinal.
In the past year, three new luxury apartment communities have debuted in the Skyway Marina District, bringing 849 units to the market.
Sur Club, situated at 3301 32nd Avenue South, began welcoming residents in April and is now 70% occupied and 75% leased. The Addison at Skyway Marina at 3951 34th Street South started move-ins in July and sits at 40% occupied and 55% leased. Marina Walk opened at 4601 34th Street South in October and is 20% occupied and 96% leased.
The property’s new owner, Altis Cardinal, will add up to 1,520 market rate apartments and walkable retail to the expansive 34-acre property
Skyway Lofts, an affordable housing community, broke ground last year and will bring another 65 units to the neighborhood in 2022. Lastly, The Manhattan, an active senior living community, expects to break ground at 4595 34th Street South in early-to-mid 2022.
This isn’t the Altis Cardinal’s first St. Pete development. In 2012, Altis Cardinal purchased a 10-acre tract outside of downtown St. Pete which has since been redeveloped into Elements on Third, a 431-unit apartment campus together with a 112,000 square foot self-storage in Historic Kenwood.
“We’re committed to the St. Petersburg community, so we have no hesitation in doubling down our investment here,” said Guerra.
