A rendering of the community pool at fairfield avenue apartments | hp capital

After nearly four years of planning, a long-delayed affordable housing development near St. Petersburg’s Warehouse Arts District is officially moving forward.

Fairfield Avenue Apartments LLC, which is tied to St. Petersburg-based HP Capital Group and former Florida Senator Jeff Brandes, has purchased the 6.9-acre property at 3300 Fairfield Avenue South for approximately $6.2 million.

The property will be leased through a trust administered by the Housing Finance Authority of Pinellas County, securing a 99-year affordability commitment.

The group will develop the site into the Fairfield Avenue Apartments, which will contain 264 affordable and workforce apartments making it one of the city’s largest affordable housing communities in decades.

an aerial of the nealy 7-acre site located just north of Gibbs High School and the Pinellas Trail | google earth

The property was formerly home to the Tibbetts Lumber Company, which was founded by Brandes’ grandfather, Linton Tibbetts, in the 1970s.

The Fairfield Avenue Apartments was first proposed in early 2022 and made history when St. Petersburg became Florida’s first city to approve an affordable housing development under House Bill 1339.

The 2021 legislation, a precursor to the Live Local Act, allows local governments to permit affordable residential developments in industrially zoned areas.

The unit mix includes 74 one-bedroom units, 162 two-bedroom units, and 28 three-bedroom units.

The 6.9-acre development site, which fronts the Pinellas Trail and sits adjacent to Gibbs High School | HP Capital

Of those, 53 units will be reserved for households earning at or below 50% of the Area Median Income (AMI), 67 units for households earning up to 80% AMI, and 144 units for households earning up to 120% AMI.

Amenities will include a community pool, meeting and conference rooms, computer labs, a bike corral and repair workshop, green spaces with picnic and barbecue pavilions, playground areas, and extensive bicycle parking.

The $94.2 million project is being financed without the use of traditional affordable housing tax credits.

Instead, it will rely on a combination of public and private funding, including a $64 million HUD 221(d)(4) construction loan, $12.4 million from Pinellas County, $9.7 million from the City of St. Petersburg, and $8.1 million in developer equity.

an exterior rendering of fairfield avenue apartments | hp capital

The site, which fronts the Pinellas Trail and sits adjacent to Gibbs High School, was cleared earlier this year in preparation for construction.

Under a joint venture agreement, the Pinellas County Housing Authority will ultimately own the new development and manage the apartments once the buildings are completed.

KAST Construction is expected to begin mobilizing by the end of this week.

A groundbreaking is expected on January 21st and continue through mid- to late-2028.