Ark Invest, billionaire Tim Draper eye proposed Deuces development in St. Pete

Ark Invest has set its sights on a proposed city-owned development on the Deuces in St. Petersburg, with hopes to bring in a portfolio of startups from billionaire venture capitalist Tim Draper.

Corridor 22, a mixed-use development proposed by HP Capital Group, is one of seven pitches to develop a 19-parcel block in Commerce Park on 22nd South Street.

The proposal includes a 75,000-square-foot innovation center — which would house Ark Invest and Draper’s startups — a 320-unit apartment complex, and retail and conference space. Duckweed Urban Grocery and Gateway Subs have submitted a letter of interest in opening as part of the proposal.

If selected by the city, Ark and Draper have expressed interest in joining and supporting HP Capital Group’s project. Draper University CEO Asra Nadeem said in a letter submitted to the city she expects the startup companies they work with to also be interested in joining.

Ark Invest CEO Cathie Wood said in a statement that the success of the company’s innovation center calls for more space in St. Pete to grow businesses.

“Bringing Draper’s portfolio of companies to the Deuces historic commercial district will create jobs and spark opportunity in one of St. Petersburg’s most pivotal neighborhoods of promise,” Wood said.

Draper University may also move into the proposed innovation center , according to Nadeem’s letter. Founded by Draper in 2012, the institution promotes entrepreneurship and accelerates startup ideas, with courses available online or in-person at its campus in San Mateo, Calif.

Beyond HP Capital, proposals were submitted by 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 a recommendation is made by St. Petersburg Mayor Ken Welch.

Ark Invest, which moved its headquarters from New York to St. Pete in 2021, is an asset management firm known for investing in innovative technologies. Earlier this year, the firm sent in one of several proposals to redevelop Tropicana Field, known as the Historic Gas Plant District, but was not selected.

The Deuces is commonly recognized as the historic main street for St. Pete’s African American community in St. Petersburg. Having peaked in 1960, the district was home to over 100 Black-owned or Black-operated businesses and still houses many historic storefronts, religious and institutional buildings and residences.

The city’s request from April encouraged developments that honor the community’s heritage, create affordable housing and promote opportunities for small, minority-and-women-owned businesses.