204-unit affordable housing development in west St. Pete revived by Gravel Road Partners with county funding support
/Washington, D.C.-based affordable housing developer Gravel Road Partners is resurrecting a long-stalled project that will bring 204 apartments and ground-floor retail to west St. Pete.
On Tuesday, Pinellas County Board of County Commissioners unanimously approved $6.71 million in Penny for Pinellas funding for a four-story apartment building planned at 6090 Central Avenue.
The new community, known as Sixty90, will reserve 60% of its units for households earning 80% of the Area Median Income (AMI) and below, with the remaining 40% offered at market rates.
Gravel Road Partners is taking over the project from local real estate firms DDA Development and Backstreets Capital, which purchased the three-acre site in December 2020 for $5.6 million from local businessman Bill Edwards.
The city approved plans for the four-story complex in 2021, and County commissioners also approved $3.5 million in Penny for Pinellas funding that year. That funding was later returned after the original development team paused the project amid shifting market conditions.
“We are incredibly proud to launch our third project in Pinellas County, a milestone that reflects our deep-seated commitment to this community. This project is a powerful testament to our partnership with Pinellas County and the City of St. Petersburg,” said Tyler Herbert, a partner with Gravel Road Partners, in a conversation with St. Pete Rising.
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Plans have been revealed for two 44-story condominium towers at the site of the Hilton St. Petersburg Bayfront, in what would be one of the largest condo developments ever proposed for downtown St. Pete.
Delray Beach-based Kolter Urban recently circulated a site plan application to neighborhood and business associations outlining a $325 million redevelopment of the hotel property at 333 1st Street South.
If built as proposed, the towers would rise up to 509 feet. Only two existing or planned towers in St. Petersburg would be taller: the 515-foot Residences at 400 Central and the 539-foot Waldorf Astoria Residences planned at 150 2nd Avenue South.
The two new towers, which have been designed by 10 Design, would tie for the city’s third-tallest buildings, ahead of the 450-foot Art House and ONE St. Petersburg towers and the 408-foot Saltaire.
The proposal calls for 325 condo units, 17,988 square feet of commercial space, and a 519-space parking garage.
Kolter would also make 207 spaces in the adjacent Saltaire garage available to residents, for a total of 726 parking spaces.