Aerial St. Pete: Construction updates from downtown’s newest residential towers
/The latest edition of Aerial St. Pete shows the latest progress on several downtown developments. Aerial St. Pete is a quarterly column by St. Pete Rising which features exclusive aerial photography of projects under construction in downtown St. Petersburg, FL. To accomplish this, we team up with Anthony Bove at AB3 Visuals.
This quarter we are taking a look at six projects in downtown St. Pete which have all broken ground in the past year. These include: 334 Apartments, 357 Apartments, Ascent St. Petersburg, Domus Urbana, Saltiare, and The Metro.
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Construction is underway on Azalea Cay, a planned 1,000-unit apartment community on the former Raytheon property in west St. Pete.
Tampa-based Metro Development Group, St. Pete-based Porter Development, and local elected officials broke ground Monday morning on the first phase of the project at 1501 72nd Street North, near Azalea Park and Tyrone Square Mall.
The $109.8 million first phase will bring 341 apartments, including 102 income-restricted homes.
Fifty-one apartments will be reserved for households earning up to 80% of the area median income (AMI), while another 51 will be available to households earning up to 120% of AMI.
“I look around and I envision someday teachers, nurses, first responders coming home from a tough day at work and calling Azalea Cay home,” Les Porter, president of Porter Development, said during the ceremony. “Maybe one of the big reasons why they’re still able to live in St. Pete is because of the rent associated with their apartment.”
The remaining 239 apartments will rent at market rate. The income-restricted units must remain affordable for at least 50 years.