Coral Gables-based Altis Cardinal started converting a vacant six-story office building in St. Petersburg into a residential building with 78 loft-style apartments called Prism on Fifth.
The project is the latest phase of Atlis Cardinal’s master-planned development of 10 acres in St. Petersburg’s Kenwood neighborhood.
The 10-acre development includes a 178-unit residential building called Skyline Fifth, which is fully occupied.
Atlis Cardinal plans to spend $80 million to turn the land into a 10-acre residential campus with a total of 432 units.
The planned construction of 78 loft-style apartments with 11-foot ceilings will provide “a modern loft product that does not exist in the market,” Frank Guerra, founder and principal of Atlis Cardinal, said in a prepared statement.
Since Guerra and Alberto J. Suarez founded Atlis Cardinal in 2009, the Coral Gables-based company has built and renovated apartments, offices and retail space in such cities as Miami, Palm Beach and St. Petersburg as well as Reno, Nevada, and Houston, Texas.