An 80-unit affordable apartment building aimed at addressing the critical need for low-cost housing for seniors has received unanimous approval from the city’s Development Review Commission.

The green light has been given for the Flats on 4th project, a $37.5 million endeavor set to be constructed on a currently undeveloped parcel at the southwest corner of the intersection of 106th Avenue North and 4th Street North in north St. Pete.

The Flats on 4th, a four-story mid-rise building, will house 52 one-bedroom units and 28 two-bedroom units, providing housing options for residents with incomes between 40 to 60 percent of the area median income (AMI).

"You typically don't see workforce housing placed on a lot like that," said Commissioner Todd Reed during the March 6th meeting. "It's just great to see that you're able to take that property in that location and put workforce housing here."

The approval marks a significant step forward for the public-private partnership involving the Pinellas County Housing Authority, Pinellas County, the City of St. Petersburg, and Archway Partners, a developer specializing in affordable and workforce housing projects, with offices in Miami and Orlando.

The Pinellas County Housing Authority will serve as the property management company for the project. 

Archway Partners' project summary outlines features such as solid surface granite countertops, energy-efficient appliances, bathroom fixtures, window coverings, and sufficient parking for the residential units. Each unit will be equipped with washer and dryer hook-ups, and the building will offer amenities such as a multipurpose community room, library, co-working space, and tech lab.

Due to the property being in an AE flood zone, the building will be elevated, providing covered parking for automobiles, as well as covered and uncovered parking for bicycles.

The proposed project is located in the Neighborhood Suburban Multifamily-1 (NSM-1) zoning district, which allows for 15 units per acre as the base density. However, Archway Partners have utilized a graywater density bonus and a workforce housing density bonus to add an additional 35 units to the project.

The funding for the Flats on 4th project will primarily come from four percent low-income housing tax credits and tax-exempt bonds, generating approximately $15 million in tax credit equity. The development has also obtained an award from Florida Housing Finance Corporation for State Apartment Incentive Loan (SAIL), SAIL Extremely Low Income, and National Housing Trust Fund funding.

The City of St. Petersburg is expected to contribute $4.35 million, with an additional $2.9 million coming from the Penny for Pinellas program.

Furthermore, 40% of the development, comprising thirty-two units, will utilize Project-Based Section 8 Vouchers (PBV) through the U.S. Department of Housing and Urban Development’s (HUD) Housing Choice Voucher program.

According to Archway Partners' summary, all units, regardless of the resident's income level, will be developed to the same high-quality standard.  

Construction is slated to commence in the fourth quarter of 2024, with an estimated completion in early 2026.