Atlanta developer proposes 35

An Atlanta-based developer is proposing building a 35-story apartment tower next to the Museum of the American Arts and Crafts Movement in downtown St. Petersburg.

The Atlantic Companies is working with Tampa-based Alfonso Architects, Gensler and Kimley-Horn on the project, according to the site plan. Don Mastry, with Trenam Law, is representing the developer.

Alfonso Architects was the designer behind the museum. The site plan shows the group is proposing a 375-foot-tall tower at the corner of Third Avenue N and Fourth Street N. The tower will have 348 apartments, 2,203 square feet of ground-floor commercial space, a residential lobby, 277 parking spaces in a screened garage and parking for 370 bicycles.

The building is planned for the vacant corner of the block, which is currently home to Synovus Bank, the museum and Expansive coworking company. It will lie directly across from the Cottonwood Bayview Apartments. The offices and the vacant portion of the property are currently owned by an entity linked to Chicago-based Expansive. Expansive purchased the property from Synovus Bank in February 2020 for $6.9 million, according to a deed filed in Pinellas County.

The Atlantic Companies was formed in 2021 as a partnership between two Atlanta real estate icons: Mack Reese, founder of Gateway Ventures Real Estate and Jim Myer, founder of Atlantic Capital Properties. Atlantic Capital Properties is behind Midtown Tampa and has primarily focused on investing in Georgia projects.

Just one block away, Kolter Group is building a $43 million, 14-story Tempo by Hilton hotel with a rooftop pool and bar.