Ally Capital Group, a Tampa-based real estate investment firm, and Paradise Ventures, a St. Petersburg-based real estate firm, have unveiled the first look at the reimagined mixed-use development, the Sundial.
Designed by Behar and Peteranecz, a St. Petersburg-based architecture firm, the reimagined Sundial will feature multimillion dollars in improvements designed to revitalize the once upscale retail destination into a modern mixed-use urban destination, according to a statement.
“We have a unique opportunity to create a centralized gathering and shopping space that can grow with our city,” said Mike Connor, president and chief executive officer of Paradise Ventures, in the statement. “A space that compliments the development landscape of St. Petersburg and that is a long-term investment in the city.”
In addition, Ally Capital Group and Paradise Ventures has partnered with House of Current, an Atlanta-based agency specializing in storytelling through branding, social, and design.
“Placemaking is important, and the new Sundial is designed to be an extension of the community,” said Andrew Wright, CEO of Ally Capital Group. “A place that enhances the city socially, economically, and culturally. A space where celebrations are had, where business is done and where friends run into each other.
Paradise Ventures and Ally Capital Group closed on the Sundial property in early 2022, purchasing the property from Bill Edwards, who had owned the property since 2011.
Architectural and engineering design is currently underway with infrastructure improvements set to begin later this spring. The team expects to reintroduce the property at the end of the year.
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