Exclusive: Sundial owners vow to pursue construction and development efforts

The owners of the Sundial, in St. Petersburg, say they are remaining firm on their plans to redevelop the open-air retail center, despite ongoing efforts from Florida 2005 to halt construction.

Florida 2005 Theaters, based in New York, owns the AMC Sundial 12 movie theater which sits adjacent to Sundial. Last week, Florida 2005 filed paperwork to halt the construction of a canopy structure being built in the courtyard, further construction of a bar and restaurant and reopening a walkway that allows access to the theater.

The paperwork, filed this week, disagrees with these claims and cites previous paperwork filed. In the counter documents, being filed on behalf of Paradise, which is referred to as Pelican Walk in the paperwork, cite previous documentation that it says refutes claims by Florida 2005.

Paradise counters that plans for the canopy structure and the restaurant and bar addition have been previously included in other plans approved and that the walkway construction is nearly complete and not the only access to the theaters. In its counter paperwork, Paradise cites paperwork filed in January.

“Florida 2005 had each of these details regarding the canopy in its possession when it responded to the January 18 letter, on February 2, and asserted no objection whatsoever to the Canopy,” the response says.

Paradise Ventures, which owns Sundial in partnership with Tampa-based Ally Capital Group, is currently working on projects in the courtyard including adding pillars to hold canopy coverings. In addition, it’s working on renovating the space for the future Forbici Modern Italian, on the first floor. The space previously was home to Locale Market.

Mike Connor, chief executive officer of Paradise, says the lawsuits are a “Ploy,” to derail construction.

At the heart of the back and forth with the property is the intent for the property. The owners of the AMC theater want to sell the property for vertical development, which would catch a much larger price tag, says Connor.

“2005’s sole concern is to create enough unreasonable aggravation to pressure Sundial into removing the residential restrictions on the property,” says Connor. “We look forward to clearly stating our position in court.”

This point is also included in the counterclaim filed by Paradise.

“Florida 2005 believes that its Movie Parcel would command a much higher sales price if it could be developed as a high-rise residential building. [Paradise Ventures] believes that Florida 2005’s handling of the issues involved with the lawsuit has little to nothing to do with the actual issues and instead, is collateral damage for Florida 2005’s ultimate goal to pressure PV to agree that Florida 2005 may be excused from the residential prohibitions of the [Operation and Easement Agreement].”

Under the current development plans, Sundial, located at 153 2nd Avenue North, in downtown St. Petersburg, will feature multimillion-dollar improvements intended to revitalize the retail shopping center. The plans were conceptualized and designed by St. Petersburg architects Behar and Peteranecz.

Florida 2005 Theaters is an ownership entity created by the Carlyle Group investment firm. The limited liability company rents the space to AMC, which is not involved in the ongoing real estate disagreements. Tampa Bay Business and Wealth has reached out to the Carlyle Group for comment and will continue to update this story as new information becomes available.

You May Also Like
Gasworx secures $182M loan for Ybor City redevelopment

The Gasworx redevelopment, in Ybor City, has secured a $182 million construction loan from Bank OZK, advancing work on three key parcels in the 50-acre project. The financing will fund

Read More
Gasworx
Chris Moyer begins chair term at CEO Council of Tampa Bay, announces major news for SME Solutions Group

Chris Moyer, former founder, president and chief executive officer of SME Solutions Group, has started his term as chair of the CEO Council of Tampa Bay. “I am honored to

Read More
PODS names chief legal officer, senior vice president

PODS Enterprises has named Lori Baggett as senior vice president and chief legal officer. Baggett, who joined the moving and storage company in 2021 as a vice president and associate

Read More
Lori-Baggett-pods
BayCare names chief academic officer

BayCare has appointed Dr. Shelby Kutty as vice president and chief academic officer, effective Jan. 6. Kutty will oversee the academic integrity and quality of educational programs under the direction

Read More
Shelby-Kutty-baycare
Other Posts
Valspar 2025 prepares to tee off in Tampa Bay 

The Valspar Championship is set to return to Tampa Bay from March 17 to March 23, bringing with it the excitement of world-class golf, dynamic fan experiences and a robust

Read More
Valspar
Exclusive: TBBW announces 2025 Women Who Win Award finalists (VIDEO)(PHOTOS)

Tampa Bay Business and Wealth has announced the finalists for its 2025 Women Who Win Awards. (Scroll down for individual slides) Women Who Win is a unique awards program, created by TBBW Magazine,

Read More
Scenes from CEO Connect with Erika Sims (PHOTOS)(VIDEO)

Tampa Bay Business and Wealth held its January CEO Connect with Erika Sims, chief executive officer of Sims HD and co-owner of Sims Crane & Equipment. The event was sponsored by

Read More
BayCare expands Tampa campus with 36-acre acquisition

BayCare has acquired a 36-acre office parcel adjacent to its West Tampa St. Joseph’s Hospital campus, expanding its footprint by more than 75%. The acquisition includes three office buildings and

Read More
baycare-west-tampa