Houston-based The Hanover Company, a private real estate developer, has purchased a retail plaza that is expected to be redeveloped into a 304-unit affordable housing community.

The group has acquired the 8.95-acre site at 3100 22nd Avenue North in North Kenwood for $16.5 million from ZSPR PROPCO of Tampa LLC, according to a deed recorded on August 4th. The existing 71,064-square-foot retail plaza previously housed JB Factory Flooring, Studio Physique, and a MetroPCS store.

The Hanover Company also took out a $46.92 million loan from Texas-based Comica Bank.

The company’s redevelopment plans, which were filed in 2024, represented the first Live Local Act application received by the City of St. Petersburg.

The City of St. Petersburg has received its first development application filed under Florida’s Live Local Act. The proposed development is located at 3100 22nd Avenue North and currently consists of a retail plaza that houses JB Factory Flooring and Studio Physique, a fitness studio.

The 7.27-acre site is owned by ZSPR PROPCO of Tampa, LLC and is under contract for purchase and development by Houston-based The Hanover Company, a private real estate developer.

A purchase price was not disclosed.

The proposed Hanover development will include 304 apartments which consist of 196 one-bedroom apartments and 108 two-bedroom apartments. All the units will rent to households earning at or below 120% of the area median income (AMI).