Mayor Kriseman picks Dynasty Financial to redevelop 2-acre site near Tropicana Field
/In one of the final working days of his administration, Mayor Kriseman has announced the selection of a proposal from a group comprised of Dynasty Financial Partners, ARK Invest, and GF Investments to redevelop a city-owned lot at 910 2nd Avenue South in downtown St. Pete. The lot currently is a dirt parking lot serving Tropicana Field.
In early November, the City of St. Petersburg received an unsolicited offer from Atlas Real Estate Partners, which owns The Wayland, a 481-unit apartment complex at 300 10th Street South, to purchase and develop a mixed-use project on the 2.02-acre lot.
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As St. Petersburg adds apartments, condos, and offices, the City is trying a new approach to help ensure the artists and galleries that helped shape downtown are not priced out of it.
City Council unanimously approved an arts funding development bonus on August 27th, creating a new way for developers to support local artists and arts organizations while pursuing additional building space for their projects.
For local arts advocates, the vote brought the City one step closer to creating a dependable source of funding for artists and arts organizations.
“The holy grail for the arts community in St. Pete has been to find a sustainable funding source to support the arts,” said Paul Carter, a downtown resident and member of the City’s Arts Advisory Committee.
The policy is not a change that will allow developers to build more densely than they could before. Instead, it adds another option to the City’s existing selection of floor area ratio, or FAR, bonuses.
FAR is a zoning measurement that determines how much total building space can be constructed on a site relative to its land area. In certain zoning districts, such as downtown, the City already allows developers to earn FAR bonuses by providing public benefits that support community priorities.