- March 28, 2024
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Miami attorney-turned-real estate developer Frank Guerra aims to bring a new kind of multifamily project, with green space and apartments in a resort-style setting, to a neighborhood outside downtown St. Petersburg.
The project marks the Gulf Coast debut for Guerra's firm, Miami-based Altis Cardinal. Guerra says St. Petersburg, specifically the Kenwood Historic District west of downtown, is a perfect spot to give this side of Florida a shot. That's mostly because of the recent job growth and projections for more in the urban core, a magnet for a younger demographic. “We like St. Petersburg's vibrancy and growth,” Guerra tells Coffee Talk. “It's been like the cooler cousin of Tampa.”
Getting in on the cool doesn't come cheap. The firm bought the Skyline Fifth apartment complex, with 178 one- and two-bedroom units, in late 2012 in Kenwood for $19.5 million, according to Pinellas County property records. That's about $110,000 a unit for what Guerra calls the first phase of the project, which sits on two acres.
The firm acquired 10.5 acres adjacent to the Skyline late last year for the second phase. Guerra says that will be a $55 million investment, including the land and other costs. The firm will develop additional apartments on the land, up to around 400, to add to the overall total at Skyline Fifth and reduce operational costs per unit. Skyline Fifth was built in 1962 and renovated in 2009.
The vision with the overall development is to have elements like dog parks and green space mix with traditional high-rise amenities like swimming pools and a gym. Guerra says the land purchase gives him enough space to execute the plan in a way that maintains price points and profitability. “We want to offer something in St. Petersburg that doesn't currently exist,” he says. “I'm not aware of a multifamily site larger than 13 acres.”
Altis Cardinal is currently in the design and permitting phase of the project, and Guerra hopes to break ground later this year. A onetime real estate attorney in Miami, Guerra has been on the development side of the business for several years. A previous firm he founded built three high-rise condo buildings along the Miami River that totaled more than 1,100 units. Altis Cardinal is an acquisition, development and real estate consulting firm Guerra founded in 2009. While Miami will remain the focus, Guerra hopes to find more projects in St. Petersburg and on the Gulf Coast. “We see a lot of great potential,” says Guerra. “We are certainly looking to penetrate that market further.”