A rendering of the community pool at fairfield avenue apartments | hp capital

Construction is officially underway on one of St. Petersburg’s largest workforce and affordable housing developments.

On Wednesday morning, St. Pete-based HP Capital Group joined city and county officials, community partners, and stakeholders to celebrate the groundbreaking of Fairfield Avenue Apartments, a 264-unit apartment community at 3300 Fairfield Avenue South.

The development will serve individuals and families earning between 50% and 120% of the Area Median Income (AMI), a range that developers and officials say is increasingly difficult to accommodate in today’s housing market.

Hp capital group, Mayor Ken welch, Pinellas County Housing authority leaders, and others celebrate the groundbreaking for fairfield avenue apartments | st. pete rising

“It’s just a bonus that this is located in one of the most vibrant and growing parts of our city,” Mayor Ken Welch said at the event.

“We’re right next door to the Warehouse Arts District, steps from the Pinellas Trail, and close to downtown. These homes will be at the center of it all, giving residents access to culture, connectivity, and amenities, everything that makes a strong community.”

The 6.9-acre site will feature two five-story buildings with 94 units each and one six-story building with 81 units. KAST Construction is serving as the general contractor, and the project is expected to be completed in 2028, according to HP Capital Principal Angelo Cappelli.

The 6.9-acre development site, which fronts the Pinellas Trail and sits adjacent to Gibbs High School | HP Capital

Fairfield Avenue Apartments LLC, an entity tied to HP Capital Group and former Florida Sen. Jeff Brandes, purchased the property in late 2025 for approximately $6.2 million, working with Alabama-based Highland Mortgage on the transaction.

The site was previously home to Tibbetts Lumber Company, founded in the 1970s by Brandes’ grandfather, Linton Tibbetts.

First proposed in early 2022, Fairfield Avenue Apartments made local history when St. Petersburg became the first city in Florida to approve an affordable housing development under House Bill 1339. The 2021 legislation, a precursor to the Live Local Act, allows affordable residential developments in industrially zoned areas.

The property is leased through a trust administered by the Housing Finance Authority of Pinellas County, securing a 99-year affordability commitment.

“The genesis of this project really started with a conversation I had with hospital leadership while I was in the Legislature,” Brandes said.

an exterior rendering of fairfield avenue apartments | hp capital

“They were struggling to find housing for employees, many of whom were being forced to live across the bridge. As our family considered what to do with this property, it became clear how rare and important this opportunity was. Seven acres, minutes from downtown, on the Pinellas Trail, next to Gibbs High School. It was a unicorn.”

HP Capital, which also developed the 18-story Reflection condominium tower on Mirror Lake, partnered with Brandes to advance the project.

“I think this project died three times [due to financing hurdles and regulatory complexity],” Cappelli said.

“But when you have a unicorn, you grab it by the tail, and you do not let go.”

The unit mix will include 74 one-bedroom units, 162 two-bedroom units, and 28 three-bedroom units. Of those, 53 units will be reserved for households earning at or below 50% AMI, 67 units for households earning up to 80% AMI, and 144 units for households earning up to 120% AMI.

Amenities will include a community building with a pool, meeting and conference rooms, computer labs, a bike corral and repair workshop, green spaces with picnic and barbecue pavilions, playgrounds, and extensive bicycle parking.

“This is housing designed for working families, parents balancing jobs, school schedules, and rising costs,” said Chloe Firebaugh, chair of the Pinellas County Housing Authority Board of Commissioners.

“These are the people who keep our local economy moving yet still struggle to find housing they can afford. Affordable housing should never mean settling for less, and this project reflects that belief.”

The $94.2 million development is being financed without traditional affordable housing tax credits. Instead, the project relies on a mix of public and private funding, including a $64 million HUD 221(d)(4) construction loan, $12.4 million from Pinellas County, $9.7 million from the City of St. Petersburg, and $8.1 million in developer equity.