Long-awaited affordable townhome community opens on 16th Avenue in South St. Pete
/each home will be sold to qualifying households making up to 100% of area median income | namaste homes
Construction workers are building out the last remaining units of the bright blue and white townhomes lining the corner of 16th Avenue South and 9th Street South.
The 11 units in the Sixteenth Square Townhomes development - outfitted with granite kitchen countertops, wood floors, and modern finishes - are all affordable homes for residents earning up to 100% of the Area Median Income (AMI).
The $3 million-plus project developed by St. Petersburg-based homebuilder Namasté Homes first broke ground at 1523 Dr. MLK Jr. Street South in 2020.
"In the past couple of years, we’ve seen attainable housing in St. Petersburg become a bigger issue with many community members priced out of living here," Namasté Homes President Frederic Samson said during a Wednesday, January 10th ribbon-cutting celebration at the site.
SIXTEENTH SQUARE TOWNHOMES ARE LOCATED AT the corner of 16th Avenue and 9th Street South | VERONICA BREZINA
"After we purchased this lot about three years ago, we met with [City Administrator] Rob Gerdes and his team to find ways to make this project affordable for the workforce," said Samson, a veteran real estate broker.
"While this project is built with private capital, the city is offering to reduce the purchase price that would benefit the buyer, who makes 100% of the AMI or lower."
The South St. Pete Community Redevelopment Agency (CRA) contributed $1 million in tax increment financing to make the project affordable for those earning an average salary in the city, Mayor Ken Welch added.
The 1,200-square-foot townhomes, which feature three bedrooms and two-and-a-half bathrooms, must remain affordable for the next 15 years.
According to the marketing fliers, the units are priced at $271,000.
Namasté Homes is working with the Neighborhood Home Solutions nonprofit to help qualified buyers get a down payment and closing cost assistance of up to $60,000 per unit.
A single person could earn a maximum income of $60,900 to qualify for homeownership, while a six-person household earning a maximum of $100,900 could also qualify.
The units are deed restricted, ensuring resales are only eligible to buyers earning under 120% of the AMI during the 15-year period.
Mayor Ken Welch (center), alongside city staff and the Namasté Homes team, cuts a ribbon to celebrate the grand opening of Sixteenth Square Townhomes | VERONICA BREZINA
The Namasté Homes team faced several roadblocks during construction due to the pandemic's impact on the supply chain, Samson shared with St. Pete Rising.
"We had to increase our budget by 20 to 30 percent for the cost of materials and labor. When we were framing and building out the space, the cost of lumber had tripled," Samson said.
Namasté Homes has submitted a plan, which is currently in permitting, to build additional units at an adjacent site.
Samson's office currently manages 200 properties. Namasté Homes has also worked on the Artistry at Park Station residential development in Pinellas Park.
For more information on the Sixteenth Square townhomes, visit the website.
