Pinellas County approves $8 million for 164 new affordable apartments
/a rendering of the planned citrus grove apartments in largo | archway partners
Two new residential projects that will bring 164 affordable housing units to area are poised to receive millions of dollars through Pinellas County taxes and other funding sources.
This week, Pinellas County Board of Commissioners unanimously approved two separate funding requests for the 80-unit Flats on 4th apartment project in St. Petersburg and the 84-unit Cypress Grove Apartments in Largo.
Archway Partners, an affordable and workforce housing developer with offices in Miami and Orlando, will work with Pinellas County and both cities to invest more than $69 million in the two apartment communities.
a rendering of the flats on 4th apartment complex | archway partners
The two projects will offer apartments for individuals and families who earn between 30% and 80% of the Area Median Income (AMI) – up to $76,400 for a family of four, or $53,500 for a single person.
Flats on 4th, a $37.47 million endeavor, is set to be constructed on a currently undeveloped parcel at the southwest corner on the intersection of 106th Avenue North and 4th Street North in north St. Pete.
The 80 units will be reserved for seniors with 72 units designated for households at or below 60% of AMI. The remaining eight units will be reserved for those earning 50% of AMI.
A landscape and site plan of the Flats on 4th apartment complex | archway partners
Flats on 4th is a public-private partnership involving the Pinellas County Housing Authority, Pinellas County, the City of St. Petersburg, and Archway Partners. Pinellas County Housing Authority will act as the property management company.
The county will cover land acquisition costs for the Flats on 4th by providing $2.9 million through Penny for Pinellas, a voter-approved, one-cent sales tax used as the primary funding source for various governmental capital projects.
The City of St. Petersburg is providing $4.39 million from American Rescue Plan Act funds.
Additionally, Archway Partners will receive funding through multiple sources for the Cypress Grove Apartments, a proposed $31.78 million housing development at 555 16th Avenue Southeast in Largo.
Pinellas County will provide $5.04 million for the construction of the project, including $1.74 million from Penny for Pinellas and $3.3 million from a federal HOME Investments Partnerships Program grant. The City of Largo is also providing $1.25 million.
The funding will also help maintain the affordability of the units for 30 years.
According to the application, 45 units at Cypress Grove Apartments will be set aside for households who earn up to 60% of AMI and 39 units will be reserved for households who earn up to 80% of AMI.
Archway Partners recently completed Seminole Square, a 96-unit affordable apartment community, at 2005 Seminole Boulevard in Largo. The project was also supported by Pinellas County and the City of Largo.
Commissioners OK issuing $22 million for affordable housing renovation project
After approving funding requests for Flats on 4th and Cypress Grove Apartments, the county commissioners also unanimously approved issuing $22 million of tax-exempt bonds to rehab the Citrus Grove Apartments in St. Pete.
The dilapidated 84-unit community at 731 15th Street South, which has traded hands over the years and has fallen into disrepair, will get a major overhaul under new ownership with the issued bonds.
The existing development has seven three-story buildings with a mix of one-, two-, three-, and four-bedroom apartments for residents earning 60% or less of AMI.
The citrus grove apartments in st. pete that will undergo extensive renovations with new funding | apartments.com
Lincoln Avenue Capital, a subsidiary of California-based affordable housing investment firm Lincoln Avenue Communities, is expected to purchase the property by the end of the year and commence the extensive renovation.
The group plans to spend up to $80,000 upgrading each unit with new cabinets, appliances, electrical systems, and plumbing, Vice President and Development Project Partner Jordan Richter informed commissioners during the meeting.
The three- and four-bedroom units will have additional bathrooms.
Richter said the team also plans to invest in new and upgraded residential amenities.
The renovation is estimated to take 10 to 12 months following the issue of the bonds and the property acquisition.
Lincoln Avenue Capital will finance the renovation project with a combination of Housing Finance Agencies (HFA) bonds, low-income housing tax credits, cash flow from operations, an equity bridge loan, solar energy tax credit equity, and a deferred developer fee, according to the application.
The underlying loan for the bonds will be issued by Regions Bank. The equity bridge loan will be issued by Fifth Third Bank.
