Altis Cardinal Returns to Development

By Kathleen Krilanovich, Associate Editor

Miami—Altis Cardinal LLC has announced returning back to development with the acquisition of 10.5 acres of land in St. Petersburg, Fla. Adjacent to Skyline Fifth, a multifamily hi-rise acquired by Atlis Cardinal in December of 2012.  The intention for the purchased land is to develop an extension of Skyline Fifth, which will reduce operational costs per unit.

The current property is located in the historic Kenwood neighborhood. It is known for being a charming district with 1920s apartments and is a short five-minute walk from the waterfront.

“The plan for the property is to upgrade the existing, integrate the properties, and bring a resort feel addition to the building,” said Frank Guerra, principal for Altis Cardinal, “In the first phase of the project, we plan to redevelop the existing six-story building into loft style living with 11-12 foot ceilings with approximately 76 units.”

Currently the project is in design development and awaiting approval from the city to move into creating construction drawings which is the next step of the approval process. Once given the green light, Altis Cardinal expects to break ground on the development by the end of the third quarter.

For residents, amenities that have been planned for the development will include a resort-style pool, deck, and an expanded state-of-the-art gym. The community is also expected to have a party room with indoor and outdoor areas and a dog park, as well as a business center.