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Deals & Dealmakers

PTM Partners and DoveHill Capital Management Announce JV Partnership

PTM Partners (PTM), one of the leading Opportunity Zone-focused development firms in the country, and DoveHill Capital Management (DoveHill), a vertically integrated hospitality real estate developer, owner and operator with extensive experience in Florida, today announced their joint venture partnership on the Edge Collective. The mixed-use, qualified opportunity zone development will feature a ground-up, 163-key Moxy Hotel by Marriott, which will be the first lifestyle hotel for downtown St. Petersburg, Florida’s EDGE (Entertainment, Dining, Galleries, Etc.) District. Concepted and managed by Wurzak Hotel Group, the hotel will feature an impressive indoor/ outdoor rooftop dining and nightlife venue with views of downtown and St. Pete’s famous sunsets. The project is located at 1234-1246 Central Avenue and is slated to break ground in Q2 2022.

“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 neighborhood’s dynamic offering.”

As the EDGE District continues to grow as an arts and entertainment destination, the Moxy Hotel will take advantage of the growing experiential lodging demand by Tropicana Field, the local business community and leisure travel. With architecture by local firm Storyn Studio, the hotel will create a welcoming atmosphere through a common garden shared by both the lobby bar, coffee shop, and the additional retail space. It will also boast lifestyle amenities, including a fantastic gym, and a rooftop pool, bar and restaurant The entire area is within a Qualified Opportunity Zone (QOZ), which is anticipated to spur further growth.

“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investment in the thriving and incredibly dynamic city of St. Petersburg and build upon the visionary investment originally made by PTM.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,” said Jake Wurzak, Founder and CEO of DoveHill.

Upon completion, the Edge Collective will consist of the 163 key Moxy Hotel, an outdoor garden and retail paseo as well as a refurbished 4 story building that will feature 17,000 square feet of ground level retail and restaurant space and commercial space above.  PTM Partners acquired the 1.6-acre parcel on Central Avenue between the 1100-1300 blocks (currently a parking lot and vacant commercial building) in October 2019 for $13 million.

“Along with DoveHill, we are looking forward to breaking ground in 2022 and beginning to reintroduce this dynamic project to a neighborhood we believe in for the long-term, said Michael Tillman, Chief Executive Officer of PTM. “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.”

St. Petersburg, Florida is a multi-faceted city that draws demand from its acclaimed beaches, rapidly expanding urban core and established corporate presence featuring three Fortune 500 company headquarters. Downtown St. Petersburg is undergoing an unprecedented revival with over 2,500 multifamily units under construction and has emerged as one of the most desirable urban markets in Florida. The EDGE District was recently recognized by Forbes as a neighborhood to watch, and introduces the community to new art galleries, retail, office buildings and multifamily communities to complement Tampa Bay Rays baseball and concert events.

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