80-unit affordable housing development proposed for 4th Street North
/A RENDERING OF FLATS ON 4TH, an 80-unit affordable housing building | ARCHWAY PARTNERS
An 80-unit affordable apartment building that will provide much-needed low-cost housing for seniors has been proposed for the southwest corner of the intersection of 106th Avenue North and 4th Street North. The project is planned for a parcel that is currently undeveloped.
Dubbed Flats on 4th, the $37.5 million project will consist of a four-story, mid-rise building that will offer 52 one-bedroom units and 28 two-bedroom units. Residents whose income is between 40 to 60 percent of the area median income (AMI) will be eligible to apply for a lease.
The development is planned for the southwest corner of the intersection of 106th Avenue North and 4th Street North | ST. PETE RISING
Flats on 4th is a public-private partnership involving the Pinellas County Housing Authority, Pinellas County, the City of St. Petersburg, and Archway Partners, a developer that has offices in Miami and Orlando and specializes in affordable and workforce housing projects. Pinellas County Housing Authority will act as the property management company.
According to a project summary issued by Archway Partners, the residential units will feature solid surface, granite countertops, energy-efficient appliances and bathroom fixtures, window coverings, and adequate parking.
Each unit will have washer and dryer hook-ups. Building amenities will include a multipurpose community room, library, co-working space, and tech lab.
THE SITE PLAN OF FLATS ON 4TH | ARCHWAY PARTNERS
Because the property is an AE flood zone, the building will be elevated, allowing for covered parking for automobiles. Both covered and uncovered parking for bicycles will also be included.
The Flats on 4th project will be primarily funded through four percent low-income housing tax credits and tax-exempt bonds. The tax credits will generate about $15 million of tax credit equity. The City of St. Petersburg is expected to contribute $4.35 million to the effort, with an additional $2.9 million coming from the Penny for Pinellas program.
Additionally, thirty-two of the units, or 40% of the development, will utilize Project-Based Section 8 Vouchers (PBV), a program through the U.S. Department of Housing and Urban Development’s (HUD) Housing Choice Voucher program.
A RENDERING OF FLATS ON 4TH, an 80-unit affordable housing building | ARCHWAY PARTNERS
According to Archway Partners’ summary, all units will be developed with the same high-quality standard regardless of the income level of the resident occupying the unit. Construction is expected to commence in the fourth quarter of 2024 and take approximately 15 months to complete.
