163-key Moxy hotel planned for St. Pete’s EDGE District lands $42 million construction loan
A mixed-use development planned for downtown St. Pete’s EDGE District is moving forward and will break ground later this month after landing a $42 million construction loan from Forbright Bank.
The project, known as the Edge Collective, is a joint venture between Miami-based PTM Partners and Fort Lauderdale-based and DoveHill Capital Management.
THE EDGE COLLECTIVE WILL BE LOCATED AT 1234-1246 CENTRAL AVENUE.
“We are excited to partner with Forbright Bank and break ground on a true mixed-use development that will complement the EDGE District’s abundant energy and become a destination experience,” says Scott Meyer, Chief Financial Officer of PTM Partners.
The Edge Collective will be built on a 1.6-acre site at 1234-1246 Central Avenue that PTM purchased in October 2019 for $13 million.
Anchoring the Edge Collective development will be a 163-key Moxy Hotel by Marriott, which will be the first lifestyle hotel in the EDGE District. St. Pete-based Storyn Studio is the lead architect for the hotel.
Complimenting the hotel will be an outdoor garden and retail paseo as well as a refurbished four-story 17,000 square foot building located adjacent to the planned Moxy Hotel.
THE MOXY HOTEL WILL FEATURE A ROOFTOP POOL, BAR AND RESTAURANT.
“Forbright Bank, which specializes in financing value add real estate projects on existing assets and selective construction projects, is pleased to be providing the strong partnership of PTM Partners and Dovehill with financing for the construction of the new Moxy Hotel,” says George Lora, Managing Director at Forbright. “ The project will provide a quality, environmentally sensitive product and help anchor the redevelopment of the Edge district in St. Petersburg while providing new local employment for the community.”
A MID-BLOCK PASEO WILL OPEN TO AN OUTDOOR GARDEN WITH SEATING AND RETAIL SPACE.
“This deal represents Forbright Bank’s confidence in our ability, along with PTM, to provide an elevated hospitality experience to the local community and global travelers alike,” says Jake Wurzak, Founder and CEO of DoveHill. “We are tremendously bullish on St. Pete’s future growth and believe that this is one of the most exciting and dynamic markets in Florida.”
The Moxy hotel in St. Petersburg, FL will be managed by Wurzak Hotel Group and is expected to open in 2023.