A
massive mixed-use development, dubbed Sky Town, is taking shape in St. Petersburg's Skyway Marina District after securing funding from public and private sources. The project, which will bring thousands of apartments and a grocery store to the area, is being developed by Coral Gables-based Altis Cardinal on a 32-acre property it purchased for $40 million in 2021.
The development, which will be built in six phases over eight to ten years, will feature 2,084 apartments, 92,000 square feet of retail space, and 120,000 square feet of self-storage. The first phase will include 401 apartments and 12,000 square feet of ground-floor retail, with 121 units designated as workforce housing.
The project has received significant funding, including a $68 million construction loan from Third Fifth Bank and a $4.5 million forgivable loan from the City of St. Petersburg. Altis Cardinal is also set to receive a $5.5 million allocation from Pinellas County through the Penny for Pinellas sales tax.
A Sprouts Farmers Market will be one of the first retail tenants, opening in October and marking the chain's first location in St. Petersburg. The development's principal, Frank Guerra, envisions a "town-square" feel with neighborhood-oriented businesses like wine bars, restaurants, coffee shops, bakeries, or day spas.
Guerra said Sky Town will be the largest community approved in all of St. Pete, offering a 24-hour living situation on a single 32-acre parcel. The project is expected to cost between $750 and $800 million and could have people moving in by the third quarter of 2027.
