Project: Urban Edge (Under Construction)
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Name: Urban Edge
Stories: 5
Units: 125 apartments
Retail: 6,673 SF
Developer: Atlantic Housing Partners
Summary of the Project from City of St.Pete CRA Documents:
The proposed project is a five-story multifamily building located west of The Madison on 4th Avenue South in the University Park area of the Intown Redevelopment Area. Urban Edge will have 125 units, forty market-rate units and 85 senior units financed with affordable housing tax credits. The senior portion of the project consists of 76 apartments housing residents making 60 percent of the area median income and nine apartments housing those making 33 percent of the median income. The market rate portion of the project will have 28 three-bedroom units and 12 two-bedroom units with projected monthly costs of $2,000 and $1,600 respectively. Based on estimated construction costs and comparable property assessments, the project is likely to be valued between $8 and $10 million and yield $175,000 to $125,000 in tax increment revenue annually. [Source]
