465-unit housing development with retail approved for Coquina Key Plaza in south St. Pete
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A planned mixed-use development proposed for the former Coquina Key Plaza in south St. Pete has been approved by St. Pete’s Development Review Commission.
As previously reported, St. Pete-based real estate company Stoneweg purchased the beleaguered Coquina Key Plaza located on 14.5 acres at 4350 6th Street South in March 2022 for $8.9 million.
After purchasing the land, Stoneweg revealed plans for a mixed-use development featuring four separate buildings containing a total of 465 apartments and 20,817 square feet of retail space.
As part of the development, at least 20% of the 465 units will be set aside for workforce housing targeted toward households making 80-120% of the Area Median Income (AMI). The remaining units will be rented at market rate.
a renderinG OF THE MULTI-FAMILY COMPONENT OF THE DEVELOPMENT WHICH WILL REACH A HEIGHT OF 77 FEET
“Our hope is to deliver a unique and quality product that brings workforce housing to the community, supports small local businesses, and encourages other developers and retailers to invest in South St. Pete,” Sharmane Bailey, Associate Director of Corporate Communications at Stoneweg US, told St. Pete Rising in July.
To build the proposed development, Stoneweg requested a rezoning the land from Corridor Commercial Suburban (CCS-1) to Corridor Commercial Traditional (CCT-1).
The rezoning was controversial with neighboring residents expressing disappointment over the amount of retail space. Many community members wanted there to be enough retail space for a full-sized grocery store to replace a former Save-A-Lot which was previously located on the site.
Despite this, St. Pete City Council greenlit the rezoning in late October, paving the way for the Development Review Commission’s site plan review.
The retail space is actively being marketed and Stoneweg is seeking a smaller, local grocer to occupy one of the spaces. Other retail spaces could be filled with cafes or other neighborhood services.
A NEW RETAIL SHOPPING CENTER WILL BE BUILT ON THE SOUTHWEST CORNER OF THE FORMER COQUINA KEY PLAZA.
With today’s Development Review Commission approval, the project can move forward.
Stoneweg previously told St. Pete Rising that construction would begin on the retail portion of the development first followed by the construction of the residential buildings. Completion on the project is expected in late 2024 or early 2025.
In addition to the redevelopment of Coquina Key, Stoneweg is also developing Lake Maggiore Apartments, a 330-unit community, which is currently under construction less than a mile away that will also contain workforce housing.
