Altis Cardinal’s development projects begin when we identify potential opportunities in growing metropolitan markets. Our expert team seizes these opportunities by making deals to secure the land on favorable terms, overseeing efficient construction, and conducting a quick lease-up, all while monitoring the financial metrics that matter. Altis Cardinal is proud to have developed its many projects which contribute to their communities while creating market-beating financial returns.
Elements on Third is a five building, multifamily development in St. Petersburg, Florida’s Historic Kenwood district composed of five distinct apartment structures with amenity buildings throughout. Its campus layout builds community by inviting its residents to come together sharing common space and amenities.
Just a few years ago, the block at the southeast corner of 5th Avenue and 31st Street North suffered under extreme neglect, collapsing property value, and chronic underuse. A nearly vacant apartment building stood as a sad complement to the two nearly abandoned office buildings on the same block. The sorry case of underuse stood as a reminder of the Great Recession’s destruction, and it tarnished Historic Kenwood’s reputation as a proud cultural point in the City.
AJ Suarez and Frank Guerra, Altis Cardinal’s principals and founders, recognized that their firm had the potential revitalize this block. When Altis Cardinal bought the tired apartment building at 441 33rd St N, St. Petersburg in late 2012, they took a longshot on a project that to most seemed impossible. Bringing years of experience, comprehensive market understanding, and capacity for action, Altis Cardinal pulled off the improbable in their major success bringing Skyline on Fifth to the market. Looking around the block, Altis Cardinal saw more opportunity to be seized. In 2014 Altis Cardinal acquired one of the abandoned office buildings on its block and three years later it acquired the other. Finally, the development that would birth Elements on Third was underway.
Upon Altis Cardinal’s decision to embark on the Elements on Third development, Skyline on Fifth’s 11 stories and 178 living units were baptized as Seaglass Tower. Its open balconies and wide glass windows, state-of-the-art pool and patio, expert management and design – these features proved to the City that the first of the Elements would invite massive neighborhood revitalization that would push its benefits past its own block.
Seaglass was just the beginning of the Elements development; two phases were left until completion. The first construction effort built Stone Lofts and the two building Sunshine Flats for a total of 126 living units. Stone Lofts was repurposed from one of the vacant office buildings on the lot and offers residents six floors of bold living area in the center of the Elements Campus. Each building of Sunshine Flats creates a lower intensity space to maximize its residents’ access to fresh air and its namesake sunshine. This phase also included a second pool with a clubhouse and outdoor lounge providing residents with a social space and poolside amenities. A maintenance room to serve as a maintenance service hub for the whole campus was also added. It opened to the public in April 2019.
Elements on Third’s final phase is currently under construction. It will feature two new Elements: Steel Lofts and Wood Flats. Steel Lofts will be resurrected from the second retired office building at the Elements campus, and it will exhibit an industrial style similar to that in Stone Lofts but with unique aesthetic finishes. Steel Lofts will feature an open-air Sky Lounge open to all residents offering views of Downtown St Petersburg’s skyline. This phase of development also introduces Wood Flats which will bring four stories of spacious units with balconies and closed interior space. Finally, a separate building will house the leasing office with a state-of-the-art gym.
Altis Cardinal’s investment in Historic Kenwood reversed its downward trend from becoming a left behind neighborhood to an up and coming City spot. Multiple other housing centers and retail locations have made investments moving to this revitalized area. Altis Cardinal has done its part to facilitate some of these transitions including bringing in Metro Inclusive Health Center as our neighbors and transitioning seedy motels into new community facing businesses.
Elements on Third stands as a proud example of Altis Cardinal’s ability to make investments that build community and integrate into a neighborhood without disrupting its existing healthy aspects, Altis Cardinal is proud to coordinate with community members and bring its own efforts to bring out the best in its investment areas.