$121 million construction loan secured for 39-acre waterfront apartment project off Gandy Boulevard

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$121 million construction loan secured for 39-acre waterfront apartment project off Gandy Boulevard

Miami-based Key International has secured a $121 million construction loan for Amara Bay Residences & Marina, a 39-acre waterfront mixed-use community rising at 12000 Gandy Boulevard in north St. Pete.

Led by ABANCA USA, a financial group headquartered in Spain, the loan will fund the ongoing construction of the project, which will include 415 luxury apartments, an 8,000-square-foot restaurant, a 150-slip marina, and a host of resort-style amenities.

“Securing this construction financing marks a significant milestone for the transformative development of Amara Bay,” said Michael Vassilaros, Chief Investment Officer at Key International. “Our vision is to create one of the most sought-after multifamily communities in the country, furthering our legacy of developing distinctive destinations around the world.”

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City moves forward with affordable housing and retail development on 22nd Street South

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City moves forward with affordable housing and retail development on 22nd Street South

Mayor Ken Welch has selected Green Mills Group, a South Florida-based affordable housing developer, to redevelop a historically significant city-owned property at 951 22nd Street South.

The selection follows a Request for Proposals (RFP) process that launched in August 2024, which drew three submissions from Green Mills Group, Tall Cotton, and Alexander Goshen/Goode Van Slyke Architecture.

Under Green Mills’ proposal, the vacant 0.68-acre site would be transformed into a $20 million mixed-use development, called Heritage Grove, featuring 54 affordable apartments and 2,500 square feet of ground-floor retail space.

City Council is expected to vote on a negotiated ground lease and development agreement next Thursday, October 16th.

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15-story Viv apartments to begin move-ins next month in the EDGE District

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15-story Viv apartments to begin move-ins next month in the EDGE District

Rising 150 feet, the highly anticipated 15-story Viv apartment community is now ready to welcome residents.

Announced in 2021 by developer Belpointe OZ, the complex is located on a 1.6-acre site at 1000 1st Avenue North in St. Pete’s EDGE District. The development features two 15-story towers with 269 market-rate apartments and a four-story parking garage offering 355 spaces.

Local general contractor JE Dunn Construction commenced construction in June 2023 and completed vertical construction in May 2024.

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17-unit townhome-style apartment community breaks ground on 1st Avenue South

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17-unit townhome-style apartment community breaks ground on 1st Avenue South

New modern residences are rising on a vacant property on 1st Avenue South near 34th Street in St. Petersburg.

Northern Trust Builders broke ground earlier this month on a $4.7 million project that will bring 17 townhome-style apartments across two three-story buildings to the site.

The development is led by Tampa-based Zhukovskyi Development, headed by Tony Zhukovskyi, and designed by local architect Pete Alfonso Jr.

The first building, at 3655 1st Avenue South, will have nine units. The second, at 3651 1st Avenue South, will include eight.

Zhukovskyi bought the property last August for $255,000.

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2,084-unit Sky Town begins vertical construction on first apartments in St. Pete

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2,084-unit Sky Town begins vertical construction on first apartments in St. Pete

Vertical construction has commenced on the first phase of apartments at Sky Town, a planned $800 million mixed-use development at 3201 34th Street South in the Skyway Marina District.

The 34.3-acre site, once home to the Ceridian office campus, is being redeveloped in six phases to include 2,084 apartments, 69,000 square feet of retail anchored by a 23,000-square-foot Sprouts Farmers Market, and 120,000 square feet of self-storage.

It is the largest project currently in development in St. Pete, based on acreage and number of units.

The Sprouts Farmers Market, now nearing completion, sits along the east side of the property and will serve as the gateway to the future redevelopment. A 4,500-square-foot retail outparcel fronting 34th Street South is also under construction.

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New affordable apartment community opens near the Skyway Marina District in south St. Pete

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New affordable apartment community opens near the Skyway Marina District in south St. Pete

Just before Labor Day weekend, local government officials and community leaders gathered in south St. Pete to cut the ribbon on the city’s newest affordable housing development.

Founders Point, a 15-unit apartment community at 2901 31st Street South near the Skyway Marina District, was developed by Pinellas Affordable Living Inc. (PAL), a Community Housing Development Organization formed by the Boley Centers.

The community, designed to provide safe and affordable housing for people with special needs, is located next to Boyd Hill Nature Preserve and just south of The Shores Apartments, a 50-unit affordable housing community developed by The Richman Group.

All 15 one-bedroom apartments are reserved for residents earning at or below 60% of the Area Median Income (AMI), specifically for households with special needs.

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74-unit apartment community with affordable housing planned for former mobile home park in Largo

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74-unit apartment community with affordable housing planned for former mobile home park in Largo

A new apartment community is being proposed in Largo where a small, 23-unit mobile home park once operated.

Developer Gary Tave of Square Peg Development LLC has submitted plans to the City of Largo to redevelop a 1.85-acre site at 621 Stremma Road into The Park Vista Apartments, a 74-unit apartment building featuring a mix of studio, one-, and two-bedroom residences, each with private balconies.

The site was formerly home to the Louis Palms Mobile Home Park, where the vacant structures are getting ready to be cleared to make way for new construction.

The new community will include a mix of market-rate and affordable units.

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South St. Pete’s Tangerine Plaza redevelopment plan filed for 186 affordable apartments and a grocery store

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South St. Pete’s Tangerine Plaza redevelopment plan filed for 186 affordable apartments and a grocery store

The long-awaited redevelopment of Tangerine Plaza in South St. Pete is finally starting to move forward, bringing hope for two things Midtown residents have been lacking for years: affordable housing and a grocery store.

The City of St. Pete recently approved a plan to redevelop the 3.6-acre city-owned site at 1794 22nd Street South into a mixed-use project with 186 income-restricted apartments and 10,000 square feet of commercial space, which will include a grocery store.

The approval came under Florida’s Live Local Act, which requires cities to sign off on qualifying affordable housing projects without a public hearing or appeal process.

The redevelopment is being led by the Sugar Hill Group, which includes Rev. Louis Murphy Sr. of Mount Zion Progressive Missionary Baptist Church, Roy Binger of Binger Financial Services, and Oliver Gross of New Urban Development.

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Developer seeks approval for 168-unit apartment community on 8th Avenue Southeast in Largo

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Developer seeks approval for 168-unit apartment community on 8th Avenue Southeast in Largo

A 168-unit affordable apartment community is planned for a portion of a 15.5-acre property in Largo, adjacent to another affordable housing project already underway on the site.

Tampa-based Southport Financial Services, working with Moore Bass Consulting, is seeking site plan approval from the City of Largo to build the complex at 800 8th Avenue Southeast, on the corner of 8th Avenue SE and Donegan Road.

The project, called Largo Station, would be built on 5.7 acres on the western portion of the property next to Allora, a 240-unit apartment community being developed by global real estate firm Trammell Crow Residential (TCR). The remainder of the property is occupied by Allora’s first phase. When both phases are complete, the site will have 408 apartments.

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Three-story apartment community proposed for southern tip of Pass-a-Grille in St. Pete Beach

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Three-story apartment community proposed for southern tip of Pass-a-Grille in St. Pete Beach

A hurricane-damaged apartment complex on the southern tip of Pass-A-Grille could soon be redeveloped into a new eight-unit residential community called Barracks by the Sea.

Located at 100 Pass-A-Grille Way in St. Pete Beach, the 0.28-acre property is owned by Barracks by the Sea LLC, who purchased the site in 2021 for $2.25 million.

The property sits directly across from the Intracoastal Waterway and currently consists of three residential buildings, two of which were originally constructed in the early 1940s as army barracks and later converted to permanent residences.

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