Construction begins on Arya, a 415-unit mixed-income apartment development on 4th Street in St. Pete
Construction has begun on a 415-unit apartment development on 4th Street in St. Petersburg.
Stock Development has announced the groundbreaking for Arya, a garden-style community planned for 5475 3rd Lane North near the intersection of 4th Street and 54th Avenue North.
THE DEVELOPMENT WILL BE LOCATED AT 5475 3RD LANE NORTH WHICH IS BORDERED BY 54TH AVENUE NORTH, 1ST STREET, AND 4TH STREET.
“We are pleased to announce the groundbreaking at Arya,” says Keith Gelder, President of Stock Development. “We look forward to expanding our Stock Luxury Apartment Living brand and adding a high-quality project to the neighborhood.”
Arya will include two 5-story apartment buildings, four 4-story apartment buildings, and five 2-story carriage home buildings. Private garages will be provided on the ground floor of the carriage homes and 4-story apartment buildings while the 5-story buildings will have structured parking on the ground floor.
Community amenities include a 15,000-square-foot clubhouse, 3,000-square-foot fitness center, resort-style pool with lap pool, dog parks, and much more.
The project includes 790 parking spaces which far exceeds the 531 spaces required. Arya will be accessible from 4th Street North and 1st Street North although the main entrance will be located along 54th Avenue North.
ARYA WILL INCLUDE TWO 5-STORY APARTMENT BUILDINGS, FOUR 4-STORY APARTMENT BUILDINGS, AND FIVE 2-STORY CARRIAGE HOME BUILDINGS.
Stock acquired the 19.97-acre property in June 2020 for $10.8 million which was the former site of Venetian Motor Home Court that housed 150 mobile home units. Shortly after acquiring the land, Stock proposed a mixed-income multifamily development utilizing the city’s workforce housing density bonus program to achieve a higher density for the site.
The project was granted $4 million in capital improvement construction funds from Penny for Pinellas affordable housing program.
As a result, 125 of 415 units are income-restricted workforce housing. 59 units will cater to households making up to 80% of area median income (AMI) while 66 units will cater to households making up to 120% of AMI. The remaining apartments will be market-rate units.
The architecture of the buildings will be modern in design and the exteriors will be finished with stucco, Hardie board siding, and Hardie panels. Dallas-based Humphreys & Partners Architects designed the buildings. Other members of the development team include George F. Young Engineering. Summit Construction, and HPA Design Group.
Completion of Arya is expected in Fall 2024.