US: PTM Partners and DoveHill Capital Management have announced a joint venture on a mixed-use project in St Petersburg, Florida called the Edge Collective.
Edge Collective will feature a ground-up, 163-key Moxy hotel by Marriott with a rooftop dining and nightlife venue. Amenities will include a common garden shared by the lobby bar, coffee shop and retail space, as well as a gym, rooftop pool, bar and restaurant.
The project also incorporates a four-storey building which, following refurbishment, will deliver 17,000 square feet of ground level retail and restaurant space with commercial space above.
PTM acquired the site in October 2019 for $13 million and work is expected to begin in Q2 2022. The hotel has been concepted and managed by Wurzak Hotel Group, with Storyn Studio spearheading the architecture.
“In partnership with DoveHill, we are confident that all of the components are now in place to bring our vision of the Edge Collective to fruition,” said Nicholas Pantuliano, chief development officer and chief operations officer of PTM. “The mixed-use development will offer an innovative and inclusionary destination for the community and tourists to experience, which will further complement the neighbourhood’s dynamic offering.”
Michael Tillman, CEO of PTM, said: “Along with DoveHill, we are looking forward to breaking ground in 2022 and beginning to reintroduce this dynamic project to a neighbourhood we believe in for the long-term. The Edge Collective will provide an added layer of vibrancy and culture to a district that is already burgeoning, and truly is about cultivating opportunities for the overall community.”
Jake Wurzak, founder and CEO of DoveHill, said: “We are very excited to make our fourth Florida investment in the thriving and incredibly dynamic city of St. Petersburg and build upon the visionary investment originally made by PTM. Our new project will focus on place-making and will elevate the hospitality experience downtown. The Moxy Hotel will anchor the EDGE district’s culturally rich community and will fast become a dining and entertainment hub.”
DoveHill Capital Management is a vertically integrated hospitality investment and development organisation with a portfolio of urban, lifestyle hotels and premium branded full service assets across North America.
PTM Partners is an ESG-focussed real estate investment and development firm.