News Logo

Housing News

80-unit Affordable Housing Building To Be Constructed in St. Pete

The Development Review Commission has given its approval for the construction of 80 affordable housing units in St. Pete for seniors and low-income people.

March 11, 2024

The City’s Development Review Commission has given its approval to the 80-unit affordable apartment building to address the need for low-cost housing for seniors.

Approval has been granted for the Flats on the 4th project, a $37.5 million development planned for an undeveloped site at the southwest corner of 106th Avenue North and 4th Street North in north St. Petersburg.

The four-story mid-rise building will have 52 one-bedroom units and 28 two-bedroom units to provide housing options for residents having less than the median income established by the state.

Commissioner Todd Reed during the meeting said, “You typically don’t see workforce housing placed on a lot like that. It’s just great to see that you’re able to take that property in that location and put workforce housing here.”

The approval of the affordable housing building is a significant step for the public-private partnerships such as Pinellas county, Pinellas County Housing Authority, the City of St. Petersburg, and Archway Partners and a developer specializing in affordable and working housing projects having offices in Miami and Orlando.

The property management company for the project will be the Pinellas County Housing Authority. The summary of Archway Partners outlines features such as energy-efficient appliances, window coverings, solid surface granite countertops, and sufficient parking for the residential units. Besides these features, every housing unit will be equipped with a washer and other dryer hookups. The amenities available to the residents of the building include a co-working space, a tech lab, and a multipurpose community room.

The building will be elevated, and provide covered parking for automobiles, along with both covered and uncovered parking for bicycles as the property is in an AE flood zone.

The area where this proposed project is located is in the Neighborhood Suburban Multifamily 1 zoning district. This zoning district allows for 15 units per acre as the base density. A gray water dentist bonus and a workforce density housing bonus are also being utilized by Archway Partners to add an extra 35 housing units to the project.

The funding for the construction of flats on the 4th project will come from 4% low-income housing tax credits (LIHTC) and tax-exempt bonds which in turn will generate around $15 Million in tax credit equity. An award has also been received for the development from the Florida Housing Finance Corporation for State Apartment Incentive Loan (SAIL), SAIL Extremely Low Income, and National Housing Trust Fund funding. Around $4.35 Million will be coming from the city of St. Petersburg along with an additional $2.9 Million from the Penny for Pinellas program.

Moreover, 40% of the development, meaning 32 housing units will be utilizing Project-based Section 8 vouchers (PBV) through the Department of Housing and Urban Development’s Housing Choice Voucher Program.

The Archway Partners revealed that all housing units irrespective of the resident’s income will be developed to the same quality standard.

The construction for these flats will commence in the fourth quarter of 2024 and is expected to be complete by 2026.

Article Sources

Arrow Down Sign

The content provided in this article draws inspiration and includes quotes from various reputable sources, including news articles, government data, and interviews. Affordable Housing 411 strives to ensure accuracy and credibility, but the information presented may be based on some external sources. We encourage readers to refer to the referenced materials for more in-depth insights and verification.

St. Pete Rising. “80-Unit affordable housing building approved for 4th street north in St. Pete”. St. Pete Rising, March 11, 2024,
80-unit affordable housing building approved for 4th Street North in St. Pete (stpeterising.com)

Last Updated: September 20, 2021