Aerial St. Pete: Construction boom to bring thousands of new apartments to St. Pete in 2024
/This month’s edition of Aerial St. Pete shows the progress on several real estate developments throughout St. Petersburg, FL. Aerial St. Pete is a column by St. Pete Rising which features exclusive aerial photography of projects under construction in St. Pete.
To accomplish this, we have teamed up with AB3 Visuals.
In this article we are taking a look at: Arya, Lake Maggiore Apartments, Marina Club Apartments, Marlowe Gateway, and Terraces at 87th.
These projects include four apartment developments and one townhome community. The four apartment developments are located in neighborhoods outside of downtown St. Petersburg and will bring over 1,500 new apartments to St. Petersburg once completed in 2024.
Arya
5475 3rd Lane North
Arya is a 415-unit mixed-income apartment development under construction at 5475 3rd Lane North near the corner of 54th Avenue North and 4th Street. The community is being developed by Naples-based Stock Development and will include two 5-story apartment buildings, four 4-story apartment buildings, and five 2-story carriage home buildings.
Arya will feature a three-story, 15,000 square-foot clubhouse that will overlook a resort-style pool.
Pinellas County contributed $4 million from the Penny for Pinellas affordable housing program towards the construction of Arya. As a result, 125 of 415 units are income-restricted workforce housing. 59 units will cater to households making up to 80% of area median income (AMI) while 66 units will cater to households making up to 120% of AMI. The remaining apartments will be market-rate units.
Several of the buildings have topped out while others are in various stages of construction. Completion is expected in the fall of 2024.
Lake Maggiore Apartments
3049 6th Street South
The Lake Maggiore Apartments is a 330-unit mixed-income apartment community under construction at 6th Street South and 32rd Avenue South. St. Pete-based real estate investment firm Stoneweg US is developing the community.
The community will consist of seven garden-style apartment buildings, two townhome-style buildings, a pool, outdoor amenity area, a club house, leasing office, dog park and community garden area.
It will include 66 workforce housing units catering to households making between 80% and 120% of Area Median Income (AMI). The rest of the apartments will be market rate units.
Construction began in 2022 and is being led by NDC Construction. The Lake Maggiore Apartments is now leasing and completion on the community is expected in 2024.
Marina Club Apartments
4311 34th Street South
The Marina Club Apartments is a mixed-use development under construction in the Skyway Marina District that’s being developed by Jack Dougherty of Allied Group Holdings.
The 400-unit residential building will consist of an eight-story structure with six residential floors sitting atop two floors of parking that will overlook Boca Ciega Bay. A 95,000 square foot self-storage facility, a 2,400 square foot Fifth Third Bank, and a 4,500 square foot restaurant are also part of the development. The self-storage facility and freestanding Fifth Third Bank have opened.
Construction on the multifamily building began in 2022. Earlier this year, general contractor Skanska announced the projected raised eight floors of construction in one month using innovative pre-cast construction materials. The shell of the building has topped out but exterior and interior build out remains.
Completion of the Marina Club Apartments is expected in late 2024.
Marina Club is proposed next to The Manhattan, a 243-unit multifamily development that includes 195 senior living residences and 48 assisted living units.
Marlowe Gateway
2790 Grand Avenue
Marlowe Gateway is a 425-unit multifamily development under construction at 2790 Grand Avenue in St. Petersburg’s Gateway Area. Real estate developer and manager Greystar is building the community.
The garden-style development will include nine residential buildings designed to have either 24, 36, or 64 units. Each residential building will be either three or four stories and will reach a maximum height of 60 feet. The project will also feature several single-story multi-bay parking garages.
It will include 85 workforce housing units catering to households making between 80% and 120% of Area Median Income (AMI). The rest of the apartments will be market rate.
Completion on Marlowe Gateway is expected in mid-2024.
Marlowe Gateway is being development simultaneously with the adjacent Gateway Logistics Center, a massive six-building industrial complex that will bring over one million square feet of new industrial space to St. Petersburg. Completion of the first phase of the Gateway Logistics Center is wrapping up and future phases are in the works.
Terraces at 87th
8700 4th Street North
Terraces at 87th is a 92-unit townhome development under construction by Belleair Development Group at the corner of 4th Street North and 87th Avenue in St. Petersburg. The site was once home to the 112-unit Lamplight Village mobile home park which Belleair purchased in January 2018 for $3.4 million.
Each three-story townhome will feature 2,207 square feet of open-concept living space, four bedrooms (or three bedroom + den), three bathrooms, a four-car garage, and a rooftop terrace.
Construction on the development began in 2022. The development will be built in several phases. Phase one of the development is underway and is expected to be delivered in 2024. Pricing for the townhomes begins at $795,000.
