Watch out for the reducers, the “man caves” filled with luxury cars from Lamborghini to Maseratis arrive in Saint Petersburg.
Leading real estate developers Bowen Arnold of Tampa-based DDA Development, Scott Clendening of St. Petersburg Commercial Partners Realty and Matt Mosk of Largo-based Mosk Development Co., one of the county’s largest industrial and commercial developers de Pinellas, work together. to develop a community of luxury car condos.
At the northeast corner of Interstate 275 and Gandy Boulevard will be the Motocave Tampa Bay car condo community.
The 3.75 acre site next to the St. Pete Housing Authority headquarters was purchased by Clendening several months ago. The Motocave development project will offer 43 high-end spaces to house and store motor vehicles.
“This will be my first development project and it will be the very first automotive condominium development in St. Petersburg,” Clendening said.
“Matt is one of the most prolific industrial developers. He was interested and brought Bowen to the discussion, ”said Clendening of the brains behind the large industrial and residential projects in St. Pete that are now working hand in hand.
Clendening said the site is very accessible to markets in southern Tampa, St. Petersburg and Clearwater. It is also close to Jabil Inc. and other Fortune 500 companies.
While the concept of car ownership is new to St. Petersburg, there are car ownership communities around Tampa Bay. The Motor Enclave is under development adjacent to the Tampa Executive Airport. It will have more than 300 garages and a driving performance track for users. Wheel Base Garage Condos at Lakewood Ranch offers 46 air-conditioned units.
“We landed on this concept based largely on our analysis of existing projects and their success. Similar developments sell out in six months or less. We have hired architects and contractors with experience in this path, ”said Clendening. “They are essential to guide us. “
Motocave units will range from 1,000 to 1,400 square feet. The base units will offer air conditioning, a toilet, a concierge sink and a large ceiling fan. All units will have fire sprinklers.
Users can benefit from a variety of upgrades, including a steel mezzanine that leads to an attic and elevators to create room for additional vehicles.
The overhead doors of the units are 14 feet, to accommodate luxury RVs.
“We all shared an interest in building a condominium complex for cars,” said Arnold. “DDA develops The Nolen [a 23-story condo tower] and we will have parking spaces for residents, but that would be perfect for someone looking to buy a unit but needs more space if they collect cars.
There would also be a common area retail station, a green area for events, and a two-story clubhouse that could host large events and has a showcase area where a vehicle can be accommodated and viewed.
Arnold described the development as having a modern industrial aesthetic.
The entire project is estimated at around $ 8 million.
The team plan to inaugurate the pitch in the first or second quarter of next year and expect it to take eight to ten months to complete. They would start selling units within the next two months and hand over the keys to the owners of the units at the end of next year or in the first quarter of 2023.
Arnold said they don’t plan to reserve units and will go straight to contracts. Units will be billed per square foot; however, the exact price has not been finalized. The group will likely have a marketing collaboration with high-end auto dealerships and at auto shows.