204-unit affordable housing development in west St. Pete revived by Gravel Road Partners with county funding support
/Sixty90, a 204-unit affordable housing community proposed for west St. pete, has been approved for $6.71 million in funding from Pinellas County | Gravel Road Partners
Washington, D.C.-based affordable housing developer Gravel Road Partners is resurrecting a long-stalled project that will bring 204 apartments and ground-floor retail to west St. Pete.
On Tuesday, Pinellas County Board of County Commissioners unanimously approved $6.71 million in Penny for Pinellas funding for a four-story apartment building planned at 6090 Central Avenue.
The new community, known as Sixty90, will reserve 60% of its units for households earning 80% of the Area Median Income (AMI) and below, with the remaining 40% offered at market rates.
Gravel Road Partners is taking over the project from local real estate firms DDA Development and Backstreets Capital, which purchased the three-acre site in December 2020 for $5.6 million from local businessman Bill Edwards.
The city approved plans for the four-story complex in 2021, and County commissioners also approved $3.5 million in Penny for Pinellas funding that year. That funding was later returned after the original development team paused the project amid shifting market conditions.
“We are incredibly proud to launch our third project in Pinellas County, a milestone that reflects our deep-seated commitment to this community,” said Tyler Herbert, a partner with Gravel Road Partners, in a conversation with St. Pete Rising. “This project is a powerful testament to our partnership with Pinellas County and the City of St. Petersburg.”
Sixty90 will be built on a three-acre property at 6090 Central Avenue in west St. pete | Google Maps
“Sixty90 has been in conception for a long time,” continued Herbert. “The original team did a great job with a thoughtful design, but market conditions changed in a way that made the project challenging to execute as a market-rate development,”
Herbert and founding partner Thomas Toepke tracked the deal for nearly three years before reaching an agreement with the sellers last fall.
“Thanks to the expertise and tireless dedication of the housing teams and elected officials, we are providing stable, high-quality attainable homes for the essential workers—teachers, first responders, and nurses—who are the backbone of this community,” Herbert said.
While the project will still deliver 204 units, the revised plan increases the number of income-restricted apartments tenfold, up from 12 units to 122 units at 80% AMI or below further delivering on Gravel Road’s promise to be the best-in-class developer and owner of 80% AMI units in the markets in which they invest.
“We’ve spent a lot of time understanding renter demand and where people are really struggling,” Toepke said. “In Pinellas County and across Florida, there are very few developments that go deep enough to serve households earning at or below 80% of AMI. That’s the gap we’re focused on addressing.”
Sixty90 was first proposed in 2021, but faced delays due to marketing conditions at the time | Gravel Road Partners
Gravel Road Partners has positioned itself as a specialist in workforce and attainable housing, with Sixty90 representing its largest local commitment to date.
The apartments will average 1,022 square feet and feature vinyl plank flooring, private balconies or patios, energy-efficient appliances, and in-unit washers and dryers.
The building will wrap a concrete parking structure with 271 vehicle spaces and include 218 bicycle parking spaces.
Approximately 5,000 square feet of ground-floor commercial space will front Central Avenue alongside a leasing office. Planned amenities include a clubhouse, pool with lounge areas, fitness center, pet run, and co-working space.
“There’s a strong desire to incorporate a childcare or daycare component in this project,” Toepke said. “We think that would be a huge asset for residents, especially families.” The Gravel Road team is actively seeking an operating partner to help bring this vision to reality.
The project is estimated to cost approximately $67.2 million.
Valley Bank provided construction financing on Gravel Road’s first ground-up development in St. Pete and has committed to being their construction lender again in the amount of approximately $40 million. The project will also include approximately $15 million in developer equity.
Planned amenities at Sixty90 include a clubhouse, pool with lounge areas, fitness center, pet run, and co-working space | Gravel Road Partners
The City of St. Petersburg is expected to consider a matching $6.71 million funding contribution in the coming months.
Pending final approvals, construction is slated to break ground this summer. Completion is targeted for early 2028, and pre-leasing is anticipated to begin in late 2027.
The development team includes Altamonte Springs-based Forum Architecture, and St. Pete-based civil engineering firm George F. Young.
Meanwhile, Gravel Road Partners recently completed leasing at Bayou Court Apartments, a 60-unit workforce housing community near Lakewood Elementary School in south St. Pete.
In December, Herbert and Toepke met with Mayor Ken Welch to return unused public funds generated through construction cost savings on that project. Gravel Road also provided the same proportionate savings back to the County.
The refunded dollars, believed to be the first such repayment by a developer in the city, have since been reallocated to the Penny for Pinellas program to support future affordable housing initiatives.
Mayor Ken Welch (Center) with Gravel Road Partners Tyler Herbert (left) and Thomas Toepke (right) | City of ST. petersburg
