Developer buys St. Pete property in $16.5 million deal for 304-unit affordable housing complex
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Houston-based The Hanover Company, a private real estate developer, has purchased a retail plaza that is expected to be redeveloped into a 304-unit affordable housing community.
The group has acquired the 8.95-acre site at 3100 22nd Avenue North in North Kenwood for $16.5 million from ZSPR PROPCO of Tampa LLC, according to a deed recorded on August 4th. The existing 71,064-square-foot retail plaza previously housed JB Factory Flooring, Studio Physique, and a MetroPCS store.
The Hanover Company also took out a $46.92 million loan from Texas-based Comica Bank.
The company’s redevelopment plans, which were filed in 2024, represented the first Live Local Act application received by the City of St. Petersburg.
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A St. Pete developer is planning a 60-unit apartment building in the Grand Central District that could demonstrate a quicker, potentially less expensive way to add housing to the city.
Blake Investment Partners plans to build a five-story apartment building at 3200 First Avenue South, at the corner of 31st Street South and First Avenue South, using a factory-built system from New York-based Vessel Technologies.
The building will be Vessel’s first Florida project and part of Whitney Village, a larger mixed-use development being constructed on the YMCA’s former athletic fields. The project also includes a 325-unit apartment community by Greystar, currently under construction, a future retail village, and 860 parking spaces.
The Vessel building is not being constructed through the traditional, site-built process used for most apartment projects.
Instead, Vessel will manufacture large steel-framed panels and other components in the Northeast, transport them to St. Petersburg, and assemble the completed building on-site.