22-story residential building approved for 3rd Avenue South in downtown St. Pete
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The City of St. Petersburg’s Community Redevelopment Agency has approved a 22-story residential building proposed for 511 3rd Avenue South, currently home to an office building, a surface parking lot, and undeveloped land.
The property is owned by a subsidiary of EquiAlt LLC, a financial management company headquartered in Tampa.
In 2020, the company was accused by the U.S. Securities and Exchange Commission of perpetuating a $170 million Ponzi scheme and misappropriating investors’ money. That case, Securities and Exchange Commission v. EquiAlt LLC. et al., is a civil action that resulted in EquiAlt going through a receivership process to return investors’ funds.
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A long-delayed project that will deliver 24 affordable homes for working families is nearing completion and preparing to welcome its first residents.
The bright white-and-blue, two-story townhomes line 6th and 7th avenues South near 22nd Street South, directly across from the Manhattan Casino.
The City of St. Petersburg purchased the land in 2007 for $2.2 million using a federal grant. However, the project was not announced until 2019 under former Mayor Rick Kriseman as part of the broader Deuces Rising initiative, which aims to revitalize the Deuces, the historic African American entertainment and business district along the 22nd Street South corridor.
Built by Tampa-based Horus Construction Services, the development includes twelve 1,780-square-foot townhomes with three bedrooms and twelve 1,525-square-foot townhomes with two bedrooms.