11-unit affordable townhome community proposed for south St. Pete
/An 11-unit affordable townhome community has been proposed for south St. pete by Namaste Homes
More affordable housing could be coming soon to south St. Petersburg after the City received an unsolicited offer from Namaste Homes, LLC to acquire and develop a 0.55-acre vacant, City-owned property on the northwest corner of 18th Avenue South and 18th Street South.
Last month, the City received an unsolicited proposal from Green Mills Group, an affordable housing developer, to construct 96 affordable apartments on another City-owned parcel at 18th Avenue South and 21st Street across from Tangerine Plaza. After inviting alternative proposals, four additional groups, including Habitat for Humanity, submitted their vision for the site.
The proposal submitted by Namaste in partnership with Ardent OZF, LLC, a qualified Opportunity Zone Fund, outlines plans for 11 two-story, three-bed, two-and-half bath townhomes to be sold to households earning below 120% of the Area Median Income (AMI). Based on the current Area Median Income, this means a family of three earning less than $79,800 per year would be eligible. For a family of four, that number is $88,550, and for a family of five, $95,760.
Namaste Homes, LLC has proposed to acquire and develop a 0.55-acre vacant, City-owned property on the northwest corner of 18th Avenue South and 18th Street South
The properties would be deed restricted to ensure that resales remain restricted to buyers earning an income under 120% of AMI for 15 years.
Each unit would be approximately 1,306 square feet with 1,280 square feet of living space. The community would also include 15 parking spaces on site. The proposed sale price is $215,000 per townhouse.
To further increase accessibility for first-time homebuyers, the developer will offer seller-financing to purchasers. This would allow buyers to avoid add-on expenses like mortgage insurance and appraisal fees that new homeowners often face. According to Namaste’s proposal, this will give the company “the flexibility to provide mortgages to qualified purchasers that may be excluded by rigid lending criteria.”
As the proposed sale price of $215,000 is below the amount required to develop the project, some level of assistance would be required from the City and/or other government agencies to bring the project to fruition. An estimated budget outline included in the proposal suggests a $957,079 City/CRA grant to achieve this.
Namaste Homes has a successful track record of developing similar homes in the local area, including Artistry at Park Station in Pinellas Park. The company is currently constructing Sixteenth Square Townhomes, an 11-unit affordable townhome community at 1523 Dr. ML King Jr. Street South that will be completed by the end of the year.
The proposed units for 18th Avenue South and 18th Street South would be consistent with Namaste’s previously completed, comparable developments in appearance and standard of finish.
Pursuant to Florida law, the City must first allow for other private developers or individuals to submit alternative proposals for the land before making a decision that is in the best interest of the public. Notice has since been given, and proposals must be delivered no later than 10:00 AM on March 9th, 2022.
Site Plan for Namaste Home’s proposal to construct an 11-unit townhome community in south St. Pete
“We appreciate any developer interested in creating affordable housing in our city at a time when access to affordable homeownership is limited,” noted a spokesperson for the City to St. Pete Rising. “We look forward to reviewing this and other proposals as our city works to find innovative ways to create intentional equity and solve our affordable housing challenges.”
If their proposal is ultimately accepted, Namaste Homes anticipates construction would commence in January 2023 with the move-ins beginning as early as December 2023 and a project completion by July 2024.
