83-unit infill apartment buildings to rise in downtown St. Pete
/About a year ago, St. Pete City Council approved a package of Land Development Regulation (LDR) changes in an effort to help reduce the cost of building housing in the city. The package of code changes was just one prong in a multifaceted approach to help address housing affordability in the Sunshine City.
One of the approved code changes was the removal of mandatory parking minimums for residential units under 750 square feet in downtown St. Pete. Mandatory parking minimums are development regulations which require a certain number of vehicular parking spaces per residential unit.
There’s a growing body of evidence that mandatory parking minimums come at an immense cost to the cities that implement them.
A 2015 study even estimated that the cost of a single parking space in a structured garage increases residential rent by $225 per month.
The two new infill buildings are proposed for 1750 2nd Avenue North and 1735 1st Avenue North.
Since the parking minimum code changes were approved, we’ve seen two proposed developments seeking to utilize them: 770 Apartments and the Sapphire Condominiums. While neither has broken ground yet, we are excited to report that two new projects will take advantage of the recent changes to the parking requirements.
Two new infill apartment buildings totaling 83 units have been proposed for the west side of downtown St. Pete on 1st Avenue North and 2nd Avenue North between 17th and 18th Streets. The buildings are proposed for an area that has seen an explosion of new development in recent years with 700 new apartment units and 132 hotel rooms completed in the first half of 2020 alone.
The developer behind the two new infill buildings is Anatolii Zhukovskyi, of Zhukovskyi USA, LLC, who also proposed the 770 Apartments at 770 4th Avenue North in October 2019.
Both projects are slated to go before St. Pete City Council on October 15th to review their consistency with the Intown West Redevelopment Plan.
1750 2nd Avenue North will have 33 units across five floors with zero onsite parking.
The first building is proposed for 1750 2nd Avenue North and will feature a five story contemporary building with 33 studio apartments that range between 460 and 480 square feet. Because each of the units is below 750 square feet no parking is required, therefore no parking is provided. That being said, the building calls for 30 long-term bike parking spaces along with two short-term bike spaces.
The first floor of the building consists of a lobby and five studio units while the upper floors will contain seven units per floor. Unlike many of the new apartment projects in downtown St. Pete, the hallways are on the exterior of the building.
Currently the lot has a one-story single family home and a detached garage. At 0.15 acres the density equates to about 220 dwellings units per acre. The allowable base floor area ratio (FAR) is 3.0 and the proposed FAR is also 3.0. The total project value is estimated at $2.3 million.
1735 1st Avenue North will have 50 one-bedroom units across six floors with 24 parking spaces.
The second building is located at 1735 1st Avenue North, just south of the first project. The building will feature 50 one-bedroom apartment units ranging between 570 and 740 square feet. Despite all of the units being under 750 square feet, the building is proposing 24 parking spaces. The ground floor will also feature a two-story glass lobby.
The second floor will consist of nine apartments units along with a fitness center, and indoor bike storage with space for 58 bicycles. Floors three through five will contain 12 units per floor while the sixth floor will have five units. Each unit also features a balcony.
Like the other building, the lot currently features two single family homes on the site. Both homes were built in the 1920’s and have since been converted into commercial space. At 0.29 acres the density of this building equates to around 172 dwelling units per acre. The floor area ratio (FAR) is also proposed at the 3.0 base FAR. The total project value is estimated at $3.5 million.
Combined these two new buildings will total 83 units, all under 750 square feet in studio or one-bedroom floor plans. Due to having limited amenities, fewer vehicular parking space, and smaller floor plans, it’s possible that the rent in these buildings will be more affordable. Although many of the units will not have onsite parking, they will be within close proximity to bike share stations, scooter share stations, and the future SunRunner bus rapid transit (BRT) line.
We see infill projects like these as having the ability to increase the supply and broaden the product inventory of housing in downtown St. Pete. While these apartments may not appeal to everyone, they will be attractive to a segment of the market that is more price-sensitive.
No construction timeline was presented on the City Council agenda. Once complete they will join a growing area of downtown St. Pete that is ideally located between the popular EDGE District and the burgeoning Grand Central District.
To review the St. Pete City Council agenda that features these two projects, click here. Additional renderings of the proposed buildings can be found below.
