Key Takeaways
- • Ark Invest and billionaire venture capitalist Tim Draper are backing Corridor 22, a mixed-use bid by HP Capital Group to redevelop a 19-parcel block in St. Petersburg's Commerce Park on 22nd South Street in the Deuces district.
- • The proposal includes a 75,000-square-foot innovation center to house Ark Invest and Draper-backed startups, a 320-unit apartment complex, and retail and conference space.
- • Corridor 22 is one of seven competing pitches for the city-owned site, with proposals from firms including Archway Partners, Blue Sky & Habitat, and Magellan Housing; Mayor Ken Welch will make the recommendation after city staff review.
- • Ark Invest CEO Cathie Wood said bringing Draper's portfolio of companies to the Deuces will create jobs and opportunity, and Draper University CEO Asra Nadeem indicated the institution may also move into the innovation center.
Summary
Ark Invest and venture capitalist Tim Draper have signaled support for Corridor 22, a mixed-use development proposed by HP Capital Group for a 19-parcel block in Commerce Park on 22nd South Street in St. Petersburg, Florida, according to reporting by The Business Journals and related coverage. The Deuces, the historic main street of the city's African American community, is the site of a city-owned redevelopment opportunity that has drawn seven proposals.
The Corridor 22 plan includes a 75,000-square-foot innovation center intended to house Ark Invest and startups from Draper's portfolio, a 320-unit apartment complex, and retail and conference space. Duckweed Urban Grocery and Gateway Subs have submitted letters of interest to open locations within the project. If the city selects HP Capital Group's proposal, Ark and Draper have expressed interest in joining and supporting the project.
In a letter submitted to the city, Draper University CEO Asra Nadeem said she expects startups the institution works with to be interested in joining, and that Draper University may also relocate into the proposed innovation center. Draper founded the university in 2012; it offers entrepreneurship courses online and at its San Mateo, California campus. Ark Invest CEO Cathie Wood said in a statement that the success of the firm's innovation center calls for more space in St. Petersburg to grow businesses.
Other bidders include Archway Partners; Blue Sky & Habitat; Magellan Housing Deuces Rising; SkyView Commerce Park LLC; Zarius, White Keys, Homage; and Woda Cooper, CDC Tampa, Urban League. All proposals will be presented to city staff before St. Petersburg Mayor Ken Welch makes a recommendation.
Ark Invest, which moved its headquarters from New York to St. Petersburg in 2021, was not selected in an earlier bid to redevelop Tropicana Field, known as the Historic Gas Plant District. The city's request encouraged projects that honor the Deuces' heritage, create affordable housing, and promote small, minority- and women-owned businesses.
The Corridor 22 plan includes a 75,000-square-foot innovation center intended to house Ark Invest and startups from Draper's portfolio, a 320-unit apartment complex, and retail and conference space. Duckweed Urban Grocery and Gateway Subs have submitted letters of interest to open locations within the project. If the city selects HP Capital Group's proposal, Ark and Draper have expressed interest in joining and supporting the project.
In a letter submitted to the city, Draper University CEO Asra Nadeem said she expects startups the institution works with to be interested in joining, and that Draper University may also relocate into the proposed innovation center. Draper founded the university in 2012; it offers entrepreneurship courses online and at its San Mateo, California campus. Ark Invest CEO Cathie Wood said in a statement that the success of the firm's innovation center calls for more space in St. Petersburg to grow businesses.
Other bidders include Archway Partners; Blue Sky & Habitat; Magellan Housing Deuces Rising; SkyView Commerce Park LLC; Zarius, White Keys, Homage; and Woda Cooper, CDC Tampa, Urban League. All proposals will be presented to city staff before St. Petersburg Mayor Ken Welch makes a recommendation.
Ark Invest, which moved its headquarters from New York to St. Petersburg in 2021, was not selected in an earlier bid to redevelop Tropicana Field, known as the Historic Gas Plant District. The city's request encouraged projects that honor the Deuces' heritage, create affordable housing, and promote small, minority- and women-owned businesses.
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