Spotlight On: Dave Bevirt, COO, Ellison Development
February 2025 — In an interview with Invest:, Dave Bevirt, COO of Ellison Development, discussed the company’s focus on mixed-use projects and the growing demand for high-quality office spaces. He also outlined efforts made to address affordable housing in St. Petersburg, especially with The Central project.
As Ellison’s new COO, what do you aim to accomplish, whether in the short or long term?
It is definitely a long-term focus. The company has already established itself in the construction sector, but the development side is fairly new. We have strong capital backing, but more importantly, we have the reputation of the Ellison family. Sam, Casey, Cory, and Cari Ellison have done an exceptional job of building the company, with great success and a solid reputation. This foundation allows us to continue building upon those connections throughout the Tampa Bay region. We are now focusing on growing the development side of the business.
One of our first development projects is The Central in St. Petersburg, which is just over two acres. It is a mixed-use development with a 140,000-square-foot Trophy office building, a 168-key Autograph Collection hotel by Marriott, 42 workforce housing units, 14,000 square feet of retail, and a 531-space parking garage. The garage is already halfway completed and will be delivered 2Q25. Following that, we will begin building the workforce housing, then the hotel followed by the office building. Our goal is to have everything completed and operational by mid-2027.
How do you see The Central influencing the Edge District’s growth and economic activity in the coming years?
Overall, the symbiotic programming of The Central’s Master Plan — with office, hospitality, retail, workforce housing, parking, fitness and wellness, and curated food and beverage — makes this development a unique and upscale opportunity for the established Edge District location. Unlike some of the other developments in the Tampa Bay area, we don’t have to create a new identity for the neighborhood — The Edge District is already thriving. Our goal is to elevate the area by adding more refined offerings while keeping the energy and unique vibe of the district. The area has a strong demographic mix and we’re aiming to create a space that invites all visitors and locals to come in and stay a while.
What trends in buyer or tenant demand are shaping Tampa Bay’s commercial real estate sector, and what benefits does a mixed-use space provide?
Mixed-use developments in urban environments continue to drive commercial real estate values. In suburban areas, whether it is hotels or office buildings, the offerings tend to be more limited in terms of scope and amenities. Suburban office buildings are becoming less desirable and are losing significant value. On the other hand, urban mixed-use environments, like Water Street, Midtown, and the Heights Union, offer a compelling case for investors. There is good precedent in other cities like Nashville, Atlanta, and Austin where mixed-use developments are driving market growth.
A constant theme for these markets is the ability to combine living, working, and recreational spaces in one location. While I hate using the phrase “live, work, play,” it is a concept that really works. The contiguous nature of these spaces is what makes mixed-use developments so powerful in urban environments.
The standalone suburban office building is increasingly becoming a thing of the past. It is now more about offering a quality environment that attracts people. If you look at commercial markets across the United States, in suburban areas, the value of these assets is primarily in the land, with little value in the improvements themselves. Mixed-use developments are where the value lies, both in terms of residential and office spaces.
What is behind the flight to quality that is still playing out as more employers look to get their workers back into the office?
The flight to quality is still happening, especially in two-tier and gateway markets. Companies are beginning to recognize the importance of bringing employees back to the office. For example, look at companies like PWC and Amazon, which are asking employees to return to the office five days per week. There is significantly more value in returning to the office than there is in fully-remote work. While there is significant data to outline all the benefits, a few highlights include the camaraderie and socialization of employees, including professional growth and mentorship, a healthier, more vibrant work environment, and more productive collaboration. It fosters a healthier, more vibrant work environment. This not only helps companies grow their revenue, but it also improves employee well-being.
For office spaces in mixed-use environments, the higher quality the offering, the more valuable it becomes for companies. A well-designed, high-quality office can serve as a recruiting tool, which is vital in this competitive environment. And this isn’t anecdotal, my experience with Water Street’s tenants proved this theory over and again. Insightful companies are using office spaces as a tool to attract top talent. Providing employees with a high-quality work environment and top-notch amenities not only enhances their productivity and satisfaction but also creates a workplace that attracts and retains top talent — making the investment in premium office spaces a strategic and worthwhile decision.
How does The Central address affordable housing and community development needs in the region?
Affordable housing, especially in St. Petersburg, is vitally important. We are introducing 42 units of workforce housing, which is a small offering, but we recognize the significant demand. The site itself is small, just a two-acre parcel, and that limits how much we can build. Nonetheless, this is something that is desperately needed, not only in St. Petersburg but also in Tampa.
On the north side of the development are 42 workforce apartments, with units reserved for residents earning between 80%-120% of the area median income (AMI), addressing the city’s critical housing needs. The two-acre parcel limits how much we can build, but we felt like we needed this component to be good neighbors and support community needs. Obviously, the high cost of living and housing affordability gap is a nationwide problem in urban markets and it’s a complicated issue. We plan to include some workforce housing allotments in each of our developments in the future because it’s not only needed, but we believe it’s the right thing to do.
How are macroeconomic factors like higher interest rates and inflation influencing your strategic decisions?
Capital markets are choppy at the moment. We do see a thaw in liquidity coming in 2025, and there is optimism for both debt and equity markets. However, financing depends on the viability of the development. New projects in locations with demand will be easier to finance, but anything outside that will face significant challenges.
For developments like the YMCA in Tampa Heights and The Central in St. Petersburg, lenders, debt funds, banks, or other financial institutions, are keeping a close eye on Florida, and particularly Tampa Bay. Given the growth we’ve seen over the last five to six years and the success of other developments, lenders are willing to fund similar mixed-use projects in the future. In comparison to other markets, financing in Tampa is still possible. There is cautious optimism for 2025, especially for multifamily projects, hotels, and office buildings.
What differentiates Tampa Bay as a real estate market compared to other Florida regions?
Tampa Bay is experiencing an extraordinary moment in its history, marked by rapid economic growth and diversification across multiple industries. From the booming tech and financial services sectors to the expansion of advanced manufacturing and logistics, the region is solidifying its reputation as a hub for innovation and opportunity. Our world-class healthcare systems, such as BayCare, Tampa General Hospital and Moffitt, not only provide top-tier care but also serve as major employers and drivers of economic stability. Additionally, transformative projects like The Central, the YMCA redevelopment and others are reshaping urban landscapes and attracting national and international investment. This surge of interest showcases the long-term potential investors see in Tampa Bay’s evolving economic ecosystem. As we look ahead, the groundwork being laid today positions the region to achieve unprecedented levels of growth and prosperity over the next decade.
Looking ahead, what would you like to see by 2030 in terms of the developments in the pipeline and any new projects in the planning stages?
By 2030, we expect to have successfully completed both The Central in St. Petersburg and the YMCA redevelopment project in Tampa Heights. We have a pipeline of other developments that we are being asked to consider, so we will be very busy over the next five to 10 years. The confidence in our organization and the reputation of the Ellison family is key to aligning with other investors and landowners who want us to come in and take a hard look at transforming sites, whether they are old buildings or plots of land in need of redevelopment.
What are some key takeaways regarding how Tampa Bay prepares for the hurricane season and its resilience in the aftermath?
Perhaps people haven’t learned from past mistakes. Tampa Bay is an at-risk coastal environment, yet people continue to build in flood zones, and the public continues to buy homes in those locations. As far as lessons learned, it’s hard to say. People still want to live here despite the risks of hurricanes. We are resilient. For example, we had two hurricanes within two weeks in 2024, yet the community came together. People in Tampa Bay help each other, whether it’s lending their time, resources, or money, and that’s what stands out. The willingness to help others is incredible, and that is what I appreciate most about living here.
For more information, please visit:
https://www.ellisondevelopment.com/
