Mixed-income apartment development on Lake Maggiore lands $50 million construction loan
/A 330-unit mixed-income apartment community coming to 6th Street South, just east of Lake Maggiore in south St. Pete, has landed a $50 million construction loan from First Horizon Bank.
The development was first announced in October 2021 and is being developed by Stoneweg US, a St. Pete-based investment firm specializing in multifamily acquisitions and developments.
The group purchased the 14.6-acre parcel, which was previously a mobile home park, in April 2021 for $6.4 million.
The project was approved in March 2022 and a ceremonial groundbreaking was held in May 2022. Since then, site work has begun in preparation for vertical construction.
A ground breaking ceremony was held in May 2022 for the project.
“We are pleased to partner with First Horizon once again and announce our first partnership with PGIM Real Estate on such a marquee transaction like Lake Maggiore Apartments,” said Patrick Richard, CEO for Stoneweg US.
“We’re looking forward to advancing the construction of Lake Maggiore Apartments and delivering a high-quality and sustainable development to the south side of St. Petersburg.”
Stoneweg also announced a preferred equity partnership from global asset manager PGIM Real Estate. The amount of the equity investment was not announced.
”Lake Maggiore Apartments benefits from its proximity to Downtown St. Petersburg, a walkable urban destination that includes a diversified employment base and retail amenities, and will provide necessary additional housing to South St. Petersburg,” said Daniel Kattan, Executive Director at PGIM Real Estate.
THE LAKE MAGGIORE APARTMENTS WILL BE BUILT ON A 14.6 ACRE SITE FRONTING 6TH STREET SOUTH, JUST EAST OF LAKE MAGGIORE IN SOUTH ST. PETE
20% of the apartments in the community will cater to cater to households making between 80% to 120% of Area Median Income (AMI). The project received a workforce housing density bonus for including the income-restricted units.
The community will consist of seven garden-style apartment buildings, two townhome-style buildings, a pool, outdoor amenity area, a club house, leasing office, dog park and community garden area.
Each residential building will vary between two and four stories. Along 6th Street South will be a pair of two-story townhome-style buildings with seven units each. At the center of the project will be a larger four-story residential building
SITE PLAN FOR THE LAKE MAGGIORE APARTMENTS
Construction is being led by NDC Construction and completion is expected in the second quarter of 2024.
Bold Line Design is the project’s architect, Craig Taraszki of Johnson Pope is the land use attorney for the project, and B2 Communications is working with Stoneweg US on public relations initiatives.
Stoneweg is also working on another apartment development at the Coquina Key Plaza site in south St. Pete which has drawn mixed-reviews.
