Construction begins on 264-unit affordable housing “unicorn” near St. Pete’s Warehouse Arts District
/Construction is officially underway on one of St. Petersburg’s largest workforce and affordable housing developments.
On Wednesday morning, St. Pete-based HP Capital Group joined city and county officials, community partners, and stakeholders to celebrate the groundbreaking of Fairfield Avenue Apartments, a 264-unit apartment community at 3300 Fairfield Avenue South.
The development will serve individuals and families earning between 50% and 120% of the Area Median Income (AMI), a range that developers and officials say is increasingly difficult to accommodate in today’s housing market.
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Pre-leasing is now underway at 3rd & 3rd, a 33-story apartment tower expected to welcome its first residents in mid-December in downtown St. Petersburg.
The 262-unit building is located at 235 3rd Street South across from the Publix-anchored University Village shopping center. Third Lake Partners, along with St. Pete-based developer Echelon, are developing the project.
KAST Construction broke ground on the tower about two years ago.
3rd & 3rd will include one-, two-, three-, and four-bedroom residences, including three four-bedroom penthouses, along with a 330-space parking garage and approximately 15,000 square feet of ground-floor retail space.
One-bedrooms are currently priced from $2,730 to $3,075 a month, while two-bedroom residences start at $4,570 and three-bedroom units start at $8,585.
The development is already 20% reserved, according to Echelon Senior Vice President of Development Cody LeClair.