News Summary
A legal dispute over the Sundial retail complex in downtown St. Petersburg has been resolved, allowing for planned renovations and new tenants. The agreement, endorsed by Circuit Court Judge Thomas Ramsberger, concludes a conflict between Florida 2005 Theaters LLC, which operates the AMC Sundial 12, and the Sundial’s owners. This settlement permits the construction of a new courtyard bar and restaurant, enhancing the property as a premier destination in the area while maintaining a diverse culinary landscape.
St. Petersburg, FL – After a prolonged legal dispute, a settlement has been reached between Florida 2005 Theaters LLC, which is owned by the Carlyle Group, and the owners of the Sundial retail complex in downtown St. Petersburg. The resolution allows for planned renovations and the introduction of new tenants in the Sundial complex. Circuit Court Judge Thomas Ramsberger officially signed off on the settlement on Wednesday.
The legal controversy began when Florida 2005 Theaters LLC sought to block construction aimed at renovating the Sundial’s courtyard and stop the establishment of a new ground-level restaurant or bar. This entity operates the AMC Sundial 12 theater located within the complex. The owners of the Sundial, local development companies Paradise Ventures and Ally Capital Group, purchased the property in February 2022, and have since been pursuing a fresh vision for the space.
The primary goal of the settlement was to avoid the financial burden and uncertainties associated with further legal disputes. The Sundial’s owners initially unveiled plans for a reimagined courtyard in February 2023, prominently featuring a new covered bar as part of the redesign. As part of the agreement, the renovation plans can now move forward following a previous denial of Florida 2005’s legal request to halt the construction in September 2024.
The Carlyle Group had argued that the Sundial’s owners breached an operating agreement by proceeding with construction without obtaining their consent. In response, the Sundial’s owners filed a countersuit seeking compensation for delays and related legal fees. Throughout the legal proceedings, the Sundial’s owners expressed their belief that they had communicated their renovation plans in good faith prior to starting any construction.
The settlement not only permits the construction of the new courtyard bar but is also aimed at enhancing the overall experience for visitors to the Sundial complex. Construction is already underway, with the project now in the engineering phase. There are hopes to open the new bar and restaurant by late November or early December 2023. This venture will include the addition of an open-air patio and plans for live music events to entertain guests.
Among the changes in the Sundial, the restaurant Forbici Modern Italian, which previously operated in Tampa, will move into the space once occupied by Locale Market. However, adjustments in their leasing led Forbici to opt for a larger location on the second floor, which became available following the closure of the Sea Salt restaurant. The settlement also specifies a unique restriction that prohibits any Italian or pizza restaurants from occupying the ground floor of the Sundial, ensuring a diverse culinary landscape.
Paradise Ventures, one of the current owners, is actively searching for new tenants to fill the space that was originally intended for Forbici. This effort is part of a broader initiative to revitalize and activate the 4.2-acre retail and entertainment area in downtown St. Petersburg.
In terms of new additions, the Sundial has seen the recent arrival of businesses including Incanto Moda Italiana, Prenuvo, and Serotonin Centers. The completion of renovations and the introduction of new tenants are pivotal to enhancing the Sundial as a premier destination in the area.
The resolution between Florida 2005 Theaters LLC and the Sundial’s owners highlights a significant step forward in revitalizing the complex, benefiting all stakeholders involved, while avoiding time-consuming arbitration and legal entanglements.
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Additional Resources
- St. Pete Catalyst: Lawsuit Settled, Sundial Courtyard Plans Continue
- Google Search: Sundial Renovation St. Petersburg
- St. Pete Rising: Forbici Modern Italian to Take Over Sea Salt Space
- Wikipedia: Saint Petersburg, Florida
- Q105: Forbici Modern Italian Plans Expansion
- Encyclopedia Britannica: Sundial
- TBB Business: Sundial Owner Discusses Forbici Addition
- Google News: St. Petersburg Sundial
