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Business Observer Friday, Dec. 17, 2021 7 months ago

South Florida developer plans $500 million redevelopment with up to 1,500 apartments

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Altis Cardinal pays $40 million for St. Petersburg office complex to be redeveloped as mixed used project
by: Louis Llovio Commercial Real Estate Editor

ST. PETERSBURG — Miami-based Altis Cardinal has purchased the Ceridian Office Park in St. Petersburg and plans to redevelop it into a mixed-use project that will include up to 1,500 apartments, 50,000 square feet of retail and 180,000 square feet of office space.

The firm's total investment in the project is expected to be more than $500 million, says Frank Guerra, Altis’s principal and founder.

The South Florida developer bought the 34-acre office park located at 3201 34th St. South for $40 million. The complex currently has 380,000 square feet of office space, about 180,000 square feet of which will remain, Guerra says. “We are retaining the current office tenants and will continue to operate several of the existing office buildings for the foreseeable future.” 

The first step in the process will be to submit a master plan to the city sometime early next year with, Guerra hopes, construction starting in early 2023.

The property is in the Skyway Marina District, about five minutes from downtown St. Petersburg.

This is not Altis' first foray in the city. The firm redeveloped the Mosley Hotel and Cornerstone Office complex in Historic Kenwood, transforming the properties into the 431-unit Elements on Third apartment community and a 112,000-square foot self-storage project.

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