Developer buys St. Pete property in $16.5 million deal for 304-unit affordable housing complex
/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.
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A 31-acre office property along McCann Lake has received preliminary approval for what would become the largest apartment community in Pinellas Park, with 552 units, including at least 221 affordable apartments.
City staff approved the preliminary site plan on September 30th for 10222 MCI Drive in the Gateway Centre Business Park.
The two-phase development would replace an office campus with nine four-story apartment buildings, two clubhouses, pickleball courts, and 847 parking spaces.
The apartment proposal relies on Florida’s Live Local Act, which allows residential development on the industrially zoned property, provided that at least 40% of the apartments, or at least 221 units, are reserved for households earning at or below 120% of the area median income for a minimum of 30 years.
The remaining 331 apartments would be leased at market rates.
Plans call for apartments ranging from studios to three-bedroom units. All nine residential buildings would rise four stories, with a maximum height of 50 feet.