60 affordable/workforce homes break ground in South Pinellas
Across the street from an elementary school where employees have struggled to afford a home in their own neighborhood, 60 new apartments started construction Tuesday that will be priced specifically for school employees and other essential workers.
Bayou Court Apartments, 4201 6th St. S., St. Petersburg, is the latest affordable development to break ground as a result of a countywide partnership focused on making sure Pinellas remains affordable to longtime residents.
Developer Gravel Road Partners will give priority to school and government employees who work in the local community when the apartments open, which is expected in 2025.
All the apartments will be 2-bedroom, 2-bath and will rent for rates that are affordable for moderate to low wage workers, with 39 units for those making 120 percent of the area’s median income (AMI), 9 for those making 80 percent of AMI and 12 for those making 50 percent or less of AMI.
While this area of South St. Petersburg is undergoing a boom in multifamily construction, the vast majority of new market-rate apartments are not affordable to people earning at or below average income levels.
A recent study by the Tampa Bay Partnership showed the average household in the region is spending almost 43 percent of their income on housing, well above the “affordability” rule that housing should be no more than 30 percent of your budget.
The $17-million Bayou Court development project was made possible through support from Pinellas County’s Penny for Pinellas fund with $2.8 million) and another $2.74 million from the City of St. Petersburg.
“As a result of the impending housing crisis, Pinellas County sought to forge relationships with developers to create affordable units like Bayou Court. The future is made great when the County and surrounding municipalities combine their resources to work towards a common solution: safe, clean and affordable housing for our residents,” said Pinellas County Commissioner Rene Flowers.
The County and cities partnering in the Advantage Pinellas Housing Compact are celebrating hundreds of new affordable homes getting under construction or opening this spring. The countywide partnership has helped thousands of individuals and families find a quality home they can afford in recent years. Local governments in the compact work together to promote consistent policies and programs and support projects that create more housing choices.
Learn more at www.HomesforPinellas.org.
Innovare grand opening event is Friday
A second event this week celebrates the opening of Innovare, an affordable development with 50 apartments in downtown St. Petersburg (850 5th Ave. S.) The grand opening will start at 10 a.m. Friday, April 26, with remarks by local elected officials and a resident who lost his job and became homeless before finding stable a stable home at his new apartment.