Skyway Lofts

A 65-unit affordable apartment community is now open in south St. Pete’s growing Skyway Marina District.

Skyway Lofts, located at 3900 34th Street South, is the latest affordable housing development by Blue Sky Communities. The project broke ground in September 2020 and consists of two four-story buildings with 17 one-bedroom units at 650 square feet each and 48 two-bedroom units at 960 square feet.

Of the 65 units, 10 will cater to households making 0-30% of the area median income (AMI) while 42 units will cater to households making up tp 60% of AMI.

Nearly 1,000 people are moving to Florida every single day. This mass migration is partially due to Coronavirus but is also a result of the favorable tax climate we enjoy in Florida compared to some of the northern states, such as New York and New Jersey.

With the addition of beautiful beaches and being home to the most vibrant downtown in the state, it’s no surprise why Pinellas County, and especially St. Petersburg, is a popular place for out-of-state transplants.

However, one of the major byproducts of an influx of new residents is a dwindling supply of housing. And as a result, we’ve seen home values and rental rates rise quite significantly.

One Tampa-based affordable housing developer is trying to tackle the housing affordability issue in Florida. “Our mission is to help local governments and non-profits meet their affordable housing goals,” says Scott Macdonald, Executive Vice President and CFO of Blue Sky Communities.

St. Petersburg is in the midst of an apartment construction boom that is, so far, showing no signs of slowing down. Nearly 2,500 multifamily rental units are currently under construction in the Sunshine City, a number which may pale in comparison to some cities, but is significant given St. Pete’s historical growth. And it may surprise people that this building boom is not just happening in the downtown core, but in other corners of the city as well.

While St. Pete Rising has previously reported on apartment projects like 1701 Central, Artistry, Vantage, and The Exchange, which are all under construction in Downtown St. Pete, there are a number of projects going vertical outside of downtown. These projects are largely concentrated in two areas: the Skyway Marina District and the Gateway area. In aggregate, these units will add thousands of new residents to St. Petersburg. Here’s a summary of multifamily apartment developments being built outside of downtown.