New owners of the Sundial in St. Pete announce plans to upgrade

Sundial – a dining and shopping destination in downtown Saint Petersburg, is slated for redevelopment this year.

Ally Capital Group, a Tampa-based real estate investment firm, is partnering with Paradise Ventures, a St. Petersburg-based firm, to “reimagine” the shopping center as a mixed-use development, according to a press release.

Local architecture firm Behar and Peteranecz has unveiled a new look for the Sundial Clock, in the 100 Building on Second Avenue North, which will feature multimillion-dollar improvements to revitalize “the once upscale retail destination into a modern urban mixed-use destination,” according to the release. The developers refused to say how much the renewal would cost.

“We have a unique opportunity to create a central gathering and shopping space that can grow with our city,” said Mike Connor, President and CEO of Paradise Ventures in a statement. “A space that complements St. Petersburg’s development landscape and this is a long-term investment in the city.”

Plans for the center include major upgrades to the patio with a large outdoor bar and communal green space.

“We drop the patio about 18 inches, so you don’t have to go up a hill when you get in,” Connor told the Tampa Bay Times. “It will be more visually appealing.”

Connor said they are looking for a fitness center or gym to fill a long-vacant space near AMC. Several restaurants can be added to the northwest side of the property as well. All of the existing retailers plan to stay in Sundial, apart from The Spice & Tea Exchange which is already in the process of relocating.

The developers are working with House of Current, an Atlanta-based social and branding agency on the project.

Paradise Ventures and Ally Capital Group purchased Sundial from local businessman Bill Edwards for $27.5 million last year. Edwards has owned the 85,357-square-foot shopping center since 2011, and has made major upgrades.

The shopping complex was originally built in 2000 and was called BayWalk. For years, it has been a popular nightlife destination, with shops, restaurants and a movie theater drawing crowds every weekend.

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But the property suffered in the late 2000s. The owner, CW Capital, then blamed BayWalk’s problems on anti-war protesters, loitering teens and homeless people who congregated on the public sidewalk in front of the complex. In a controversial 5-3 vote, the City Council ceded control of the pier to CW Capital.

Edwards bought it for $5.2 million in 2011. He invested between $30 million and $40 million in remodeling it—primarily around the cost of construction—and added upscale restaurants like Ruth’s Chris and a local grocery market.

The site closed in 2019 to make way for a food court from Tampa Armature Works developers. That project never materialized, prompting a lawsuit from Edwards and the developers, who filed for Chapter 7 bankruptcy last fall. Just before the pandemic, Edwards announced plans for a co-working space in Sundial. That didn’t materialize either.

Infrastructure improvements will begin this spring, depending on the release. The team hopes to finish the improvements by the end of the year. In released shows, the AMC Theater and the Sea Salt Restaurant remained among the retail tenants.

“Making placements is important, and the new Sundial is designed to be an extension of the community,” said Andrew Wright, CEO of Ally Capital Group, in a statement. A place that enhances the city socially, economically and culturally. A space where celebrations take place, where business takes place and where friends meet each other.”

Connor said his team had a pre-development meeting with the city and are now awaiting approval of their permit. If all goes as planned, work could begin by summer. The project will take about three to four months to complete.