Dynasty Financial, a wealth management firm building its headquarters in downtown St. Petersburg, is about to go public.
Dynasty Financial — which specializes in services for high-net-worth clients — filed an initial public offering Wednesday, according to the Security Exchange Commission. The firm applied to be listed on the NASDAQ exchange under the symbol $DSTY.
The wealth management firm moved to St. Petersburg from New York in 2019 and currently has offices at 200 Central Ave. Dynasty manages $65 billion in assets and has 75 employees, according to its SEC filing. The company plans to raise $100 million through the IPO.
Dynasty’s spokesperson Sally Cates declined to comment for this story.
Former St. Petersburg mayor Rick Kriseman selected Dynasty’s bid to build new office space in collaboration with Ark Investment — which also moved to Priatek Plaza from the Big Apple — on a site near Tropicana Field. Dynasty’s lease in the former Bank of America Tower ends Aug. 31, 2024, according to SEC filings.
The new headquarters project would be a mixed-use development, according to proposal documents submitted to city officials. It would include office space for both Dynasty and “other financial services and data analytics firms”, retail, restaurants, apartments, affordable housing and an innovation hub.
The proposal included coworking space and meeting rooms for networking events for entrepreneurs, investors, and organizations focused on technology, financial services and economic development.
The two-acre parcel at 910 Second Ave. S costs $6.5 million dollars, SEC filings said.
Ark Investment is listed as a potential investor, tenant, and “innovation partner,” according to city records. Other investors include Tampa-based real estate development firm Third Lake Partners, New York-based GF Investments and D.C.-based venture capital firm Revolution, led by the founder of AOL Steve Case.
Two prominent chefs, Marc Forgione and Michelle Bernstein, have expressed interest in locating to the site, the proposal said. Forgione is an American Iron Chef and founder of Restaurant Marc Forgione in New York. Bernstein is from Miami and a James Beard Foundation award-winning chef.
But SEC filings say there are “no assurances” the project will happen. There are no binding agreements at the time the IPO was signed Jan. 19 and the development remains subject to approval from the St. Petersburg City Council.
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