SkyWay Lofts completes 66 new affordable apartments in the Skyway Marina District
/Skyway lofts II, a new 66-unit affordable housing complex in the Skyway marina district | Park & Eleazer Construction
As the Skyway Marina District continues to grow, a local developer is bringing more affordable housing to the neighborhood.
Tampa-based affordable housing developer Blue Sky Communities has completed the second phase of SkyWay Lofts, adding 66 new apartments to the 1.19-acre property at 3800 34th Street South.
The new, four-story building is reserved for residents earning between 22% and 80% of the area median income (AMI), or roughly $16,000 to $58,000 per year for a one-person household. Notably, the monthly rent starts at $305 for a one-bedroom and one-bathroom unit.
The building is already at full occupancy with a waitlist available for applicants.
“Thanks to the City of St. Petersburg, the Skyway Marina District has been transformed into one of the premier neighborhoods of our city,” Scott Macdonald, Executive Vice President and Partner of Blue Sky Communities, said at the ribbon-cutting ceremony on Tuesday.
Mayor Ken Welch and blue sky communities executive VP Scott Macdonald (center) alongside city officials and others at the ribbon cutting for skyway lofts II | City of St. Pete
“With the addition of 66 more units, Blue Sky Communities has now developed 131 homes for families making less than 80% of the AMI for the next 99+ years. This ensures that the hardest-working citizens of St. Petersburg will have the opportunity to call Skyway home,” he added.
The City of St. Petersburg and Blue Sky had been eyeing the parcel for SkyWay Lofts II after seeing the quick demand for the 65-unit first phase of SkyWay Lofts, which opened in 2022.
“As we finished SkyWays Lofts, we looked out at what was a vacant site and said, ‘Can we?’ and the answer is yes, we did, and yes we can,” Mayor Ken Welch said during the event.
Blue Sky purchased the parcel for $2 million through a joint venture with the Pinellas Housing Finance Authority and broke ground on phase two in 2024.
The newly built community offers 33 one-bedroom, 27 two-bedroom, and 6 three-bedroom apartments.
The second phase of Skyway Lofts at 3800 34th Street South in the Skyway Marina District | Park & Eleazer Construction
Amenities include an outdoor play area, a club room, a library with a computer area, a fitness center, and ample bike parking.
The $24.9 million second phase of the development was made possible primarily through $13.75 million in construction bonds issued by the Pinellas County Housing Finance Authority through a private placement with TD Bank.
Additional funding included $6.5 million from the City of St. Petersburg, $3.4 million from Pinellas County’s Penny for Pinellas program, and $2.125 million in SAIL and National Housing Trust Fund (NHTF) financing from the Florida Housing Finance Corporation.
The project also leveraged approximately $10.9 million in 4% tax credit equity from Raymond James Affordable Housing Investments and a $2.2 million permanent loan provided by Raymond James Bank.
“Over the past five years, since we put a shovel in the ground, the changes have been incredible — new housing units, improved transportation, and commercial developments like Zaxby’s and Sprouts. We are extremely excited to see what’s happening here, but what I’m most excited about is being able to preserve affordability,” said Macdonald.
apartment features multiple energy-efficient elements, including modern kitchens | st. pete rising
The development team included St. Petersburg-based Place Architecture, Clearwater-based Park & Eleazer Construction, and Tampa-based High Point Engineering.
SkyWay Lofts is one of several affordable housing communities developed by Blue Sky in St. Pete.
The group's first St. Pete project was Duval Park, an 88-unit residential development in the Lealman neighborhood designed for veterans and working families.
Blue Sky also developed Bear Creek Commons, an 85-unit affordable housing complex for seniors located at 635 64th Street South at the former site of the Grace Connection Church.
