Affordable housing community Delmar 745 opens in downtown St. Pete
/Move-ins began last week at Delmar 745, a 12-story 65-unit affordable apartment community located at 745 Delmar Terrace South in downtown St. Pete | Brian Zucker
Last week, excited families were given the keys to their new homes in a recently completed affordable apartment community located in downtown St. Pete.
Residents started moving into Delmar 745 on March 9th. The 12-story, 65-unit apartment community is located just five blocks from Central Avenue at 745 Delmar Terrace South.
“This project is a perfect example of affordable housing progress,” said St. Pete Mayor Ken Welch. “With units targeted toward working-class families and the formerly un-housed, this project truly provides opportunity to those who need it most.”
Construction of Delmar 745 was overseen by McCormack Baron Salazar, a St. Louis-based developer specializing in mixed-income housing projects. The group has partnered with Boley Centers to provide on-site services such as employment training, literacy resources, and financial counseling for residents who were formerly homeless.
Delmar 745 is located just five blocks from Central Avenue at 745 Delmar Terrace South in downtown St. Pete | Google Maps
Half of the community’s 65 units are allocated to families and individuals making 30% of the Area Median Income (AMI). The other half are allocated to those making 60% AMI.
Rents range from as low as $200 per month for one-bedroom units to as much as $600 for two-bedroom units. The complex includes 22 one-bedroom and 43 two-bedroom units.
The development was built to market-rate standards with stylish floor plans and several amenities including private and secure parking, secure bicycle storage, energy-efficient appliances, laundry room, fitness center, and computer room with free internet.
“Delmar 745 is a shining example of what affordable housing for working families should be,” said Richard Baron, Co-Founder & Chairman of McCormack Baron Salazar. “Sixty-five families, of which thirty-three are formerly homeless, can now call Delmar 745 home.”
Construction on Delmar 745 as of the first quarter of 2020. The new affordable housing community sits steps away from Central Avenue and adjacent to I-175 | Ab3 Visuals for St. Pete Rising
Financial support for the $21 million project came from the Florida Housing Finance Corporation, Pinellas County, City of St. Petersburg, Housing Finance Authority of Pinellas County, private equity from US Bancorp Community Development Corporation, and private debt from US Bank.
“I’m pleased to open the doors to new affordable housing right in our city’s downtown area, where residents can live, work, and play without having to navigate burdensome commutes,” said Mayor Ken Welch.
Access to affordable and workforce housing is a top priority in Mayor Welch's administration.
Construction of Delmar 745 was overseen by McCormack Baron Salazar, a St. Louis-based developer specializing in mixed-income housing projects | Brian Zucker
On Thursday, City Council approved an additional $617,000 in incentives from the Community Redevelopment Area fund to help develop the 10-unit Shell Dash Townhomes located at 12th Avenue and 16th Street South, bringing the total incentive to $1.075 million.
Additionally, Pinellas County Commissioners last Tuesday approved opening $18 million from its portion of Emergency Rental Assistance funds for St. Petersburg residents. The move came after St. Pete officials sought more funding for rental assistance after distributing nearly all of its $14 million allocation.
