St. Pete’s first ‘car condo’ development nearly sold out
St. Petersburg's first "car condo community," Motocave, has officially opened its doors and is rapidly approaching full occupancy.
Situated on 3.75 acres at the northeast corner of I-275 and Gandy Boulevard, the concept has already seen robust sales activity, with only seven units still available. The development features 43 car condominium units spread across five buildings, totaling approximately 55,000 square feet. Individual units range from about 900 to 2,200 square feet, with the average around 1,000-square-feet.
Developed by a partnership between DDA Development, Mosk Development Company and Commercial Partners Realty, Inc., Motocave caters to the needs of car collectors seeking more than just a storage solution. Each 22-foot-tall car condo is fully customizable, with many of the owners choosing to build "up" and create a mezzanine level with a lounge area above with vehicle storage below.
Bowen Arnold, Principal at DDA Development, said that while many of the current owners use the space to store their second or third vehicles, or vintage cars they're working to restore, other owners have also used the space for RVs, boats or motorcycles.
"A lot of people in this market are from places like Indiana and Michigan, and because of the weather up there, it's fairly common to have this kind of a thing where they have protection for their cars in the winter," Arnold explained. "Insurance rates are lower because this is a secure environment. Here, people can keep their vehicles safe from the storms."
Arnold also noted that Motocave is situated at 11-foot elevation and didn't flood or receive any wind damage when Hurricanes Helene and Milton blew through several weeks ago – another selling point for affluent homeowners near the beach who may be looking for somewhere safe to store their belongings and extra vehicles. He added that their typical buyers have been car collectors in their 40s, 50s and 60s who value both the security of the facility and the chance to connect with like-minded enthusiasts.
The project also includes a two-story 2,200 SF community clubhouse with a bar area, showers and a laundry facility, and a detail bay for users or independent detailers to wash vehicles.
Motocave's flexible design encourages owners to customize units for both functional storage and social spaces. "We've seen owners install everything from epoxy floors to custom lighting and even bar setups," Arnold shared, underscoring the community's focus on customization.
John Schilling, Principal at DDA Development, said they sold 50% of the units before they broke ground about 15 months ago, and anticipate selling the remaining seven units in the next 60 days. The project came with a price tag slightly north of $12 million. Despite the challenging construction environment, the developers managed to keep costs close to their initial projections. Schilling attributed this to the relatively simple nature of the project: "It's concrete block and it's not a super complicated product type, so that helped us control costs a little bit better."
The success of Motocave speaks to the maturing real estate market in St. Petersburg, which has seen rapid growth in recent years. Arnold believes Motocave brings value to the city as well, citing its proximity to downtown, the beaches and South Tampa.
"The location is key; we felt like the location and the size, 43 units, was really good for our first [car condo] project like this," Arnold said. "St. Pete is such a great community with so much to offer – rentals, single-family, condos, all the commercial [development] that's coming, restaurants. When we bring people to St. Pete from other parts of the country, everybody's always amazed. Everybody knows Tampa, but St. Pete's still a little bit of a hidden gem, so I think having an amenity like this is a great thing."
