174-unit affordable housing project with rents starting at $512 per month proposed for Skyway Marina District
/Skyway Flats is planned for the Skyway Marina District next to the Salterra assisted living complex, which remains closed following damage from the 2024 hurricanes | CoStar
A new affordable housing development proposed in St. Petersburg’s Skyway Marina District would bring 174 income-restricted apartments, including units reserved for young adults aging out of foster care.
Nashville-based Elmington Capital Group plans to develop Skyway Flats at 3600 34th Street South on a 2.87-acre site currently used as a surface parking lot next to the Salterra assisted living complex, which remains closed following damage from the 2024 hurricanes.
The five-story project would include 28 one-bedroom units, 100 two-bedroom units, and 46 three-bedroom units, serving households earning between 30% and 80% of the Area Median Income.
Eighteen apartments would be set aside for youth aging out of foster care, paired with support services such as financial literacy training, housing stability programs, and connections to community resources.
Rents are projected to start as low as $512 per month.
Nashville-based Elmington Capital Group plans to develop Skyway Flats on a 2.87-acre site at 3600 34th Street South | Google Maps
Apartments would feature Energy Star appliances, in-unit washers and dryers, walk-in closets, and granite countertops.
Planned amenities include a fitness center, community space, and on-site maintenance, along with free resident services such as financial counseling, job readiness training, and health programs.
The development is estimated at $76.8 million.
Elmington is requesting $6 million from Pinellas County through Penny for Pinellas to help fund land acquisition, which would secure long-term affordability through a land lease structure.
Project financing also includes roughly $29.8 million in tax credit equity from Raymond James, $8.3 million in state SAIL funding, more than $20 million in debt financing, and $4.15 million in developer equity.
County commissioners are expected to review the funding request next Tuesday, March 24th.
Site plan for Skyway Flats, a 174-unit affordable apartment community proposed for the Skyway Marina District | Elmington Capital Group
The developer anticipates obtaining site plan approval and permits by early 2027, with construction beginning shortly after and completion targeted for early 2029.
Skyway Flats would be Elmington’s first project in St. Pete.
In its application, the development team pointed to strong demand for affordable housing in the Skyway Marina District, noting that nearby income-restricted communities are fully occupied.
Across 38th Avenue South, Skyway Lofts, a 65-unit affordable housing community, opened in 2022, with a 66-unit expansion completed in January. Both buildings are fully occupied.
Just north along 34th Street South, the 2,084-unit Sky Town apartment development will designate 40% of its units as income-restricted housing. The first phase, totaling 401 apartments, will include 121 affordable units and is expected to begin welcoming residents in the second quarter of 2027.
“The Skyway Marina District is a booming market within St. Petersburg with an immense amount of market-rate development,” Elmington wrote in it’s application. “The nearest affordable housing development serving the same demographic has had a 100% occupancy rate consistently…further showing the need for affordable housing in this region.”
