The Rays propose 80-unit affordable housing building near Tropicana Field in downtown St. Pete
The affordable housing project proposed by The Rays and Hines would contain a minimum of 80 units, 2,500 square feet of retail space, and 42 surface parking spaces | The Rays and Hines
The Rays and Hines, one of the largest privately held real estate investors and managers in the world, want to build an affordable housing building downtown St. Pete.
The group, which was selected to redevelop the 86-acre Historic Gas Plant District site, has submitted an unsolicited proposal to lease a 0.58-acre property at 1659 3rd Avenue South from the City of St. Pete with plans to construct an affordable apartment building.
The parcel is adjacent to the $6.5 billion Historic Gas Plant District but was not included in the site. This building is in addition to the proposed Historic Gas Plant District redevelopment.
The city-owned vacant site at 1659 3rd Avenue South could soon be developed with an 80-unit affordable housing building by The Rays and Hines | Google Maps
The Rays and Hines have offered to develop the site because of “the opportunity to efficiently integrate the site into the existing Historic Gas Plant Redevelopment master plan," according to Michael Harrison, Senior Managing Director at Hines.
The affordable housing project would contain a minimum of 80 units, 2,500 square feet of retail space, and 42 surface parking spaces. The apartments would be income-restricted, catering to households making less than 100% of the Average Median Income (AMI).
A site plan submitted to the city also references The Orchard, a community garden and landscaped pedestrian trail located west of the proposed affordable housing building.
The proposed affordable housing building would be constructed adjacent to Tropicana Field at 1659 3rd Avenue South | Google Maps
The Rays and Hines intend to co-develop the project with an affordable housing developer, which has yet to be selected. Best Source Consulting has been hired as the project’s Diversity, Equity, and Inclusion (DEI) and Environmental, Social, and Governance (ESG) consultant.
Instead of selling the property, a 99-year ground lease “has the benefit of providing the City with long-term strategic ownership of the site while advancing its affordable housing goals for a concurrent term,” according to the submitted offer.
The Rays propose to pay $1 per year to the City of St. Pete for the entire 99-year term.
Site plan for a proposed 80-unit affordable housing building at 1659 3rd Avenue South from The Rays and Hines | The Rays and Hines
If the City accepts the unsolicited offer, the Rays and Hines expect to break ground sometime between 2025 and 2027.
As a result of unsolicited offer, and pursuant to Florida Statutes, the city must invite additional alternative proposals from private developers, or anyone interested in the lease or purchase of the site. Alternative proposals are due to the city by 10 a.m. on November 28th.
The city will decide whether to move forward once all proposals have been reviewed.