The Sundial — a dining and shopping destination in downtown St. Petersburg — is set to be redeveloped this year.

Ally Capital Group, a Tampa-based real estate investment firm is partnering with Paradise Ventures, a St. Petersburg-based firm, to “reimagine” the shopping center as a mixed-used development, according to a news release.

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Paradise Ventures and Ally Capital Group purchased the Sundial from local businessperson Bill Edwards for $27.5 million last year. Edwards had owned the 85,357-square-foot shopping center since 2011, and made significant upgrades.

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“Placemaking is important, and the new Sundial is designed to be extension of the community,” said Andrew Wright, CEO of Ally Capital Group in a statement. “A place that enhances the city socially, economically and culturally. A space where celebrations are had, where business is done and where friends run into each other.”

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New owners of the Sundial in St. Pete announce plans to upgrade – Tampa Bay Times (tampabay.com)