“Forbright Bank, which specializes in financing value add real estate projects on existing assets and selective construction projects, is pleased to be providing the strong partnership of PTM Partners and Dovehill with financing for the construction of the new Moxy Hotel,” says George Lora, Managing Director at Forbright. “ The project will provide a quality, environmentally sensitive product and help anchor the redevelopment of the Edge district in St. Petersburg while providing new local employment for the community.”
Construction is expected to begin later this month. The first phase of construction will consist of installing construction fencing, signage, and pedestrian protections, followed by horizontal demolition and soils improvements. Phase one will take approximately 5 weeks.
The next phase is vertical construction of the Moxy hotel and renovations on the 1246 Central building. Construction is expected to take 12 months. Kellogg-Kimsey is serving as the project’s general contractor.