Construction begins on Motocave, a car condominium in St. Petersburg
By Breanne Williams
Tampa Bay Business Journal
Published: Sep 21, 2022

The developers of Motocave, a car condo community headed to St. Petersburg, will begin site work on the project in October.

DDA Development of Tampa, Largo-based Mosk Development Co. and Commercial Partners Realty Inc. of St. Pete are behind the development at 2051 Gandy Blvd., northeast of Interstate 275. The developers have secured building permits and will build 43 car condominium units on the 3.75-acre site.

The car condos will be in five buildings that total 55,000 square feet. Units range from 918 to 1,591 square feet and are customizable to fit the buyer’s needs. Prices start at approximately $350,000, just under $300 per square foot. The development will also have a 2,200-square-foot high-end community clubhouse.

“Our units are a blank canvas that can be outfitted with everything from custom bars and lounges to A/V systems and seating areas,” Bowen Arnold, principal of DDA Development, said in a release. “These developments are popping up across the country, and we’re excited to be the first in Pinellas County.”

Sales are outpacing expectations, and the group has already sold nearly 40% of the units, according to the release. Pre-construction pricing is nearing its end. Construction is slated to take approximately one year.

Valley Bank provided a $7 million loan for the project, according to a spokeswoman for the developers. Trey Korhn, first senior vice president and commercial real estate division head for Valley Bank, said the car condo industry is an “emerging asset class with several recently completed successful projects throughout the state.”

“This is an exciting opportunity for us as banking partners to be part of one of the first projects in the Tampa Bay area,” Korhn said. “However, it is the track record of success with these longtime clients and the chance to partner with them on this opportunity that truly makes it so appealing.”