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 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.