BCC approves funding for 223 affordable/workforce homes in two major housing developments
The Pinellas County Board of County Commissioners took a big step Tuesday (Jan. 14, 2025) to bring hundreds of new affordable homes into two large residential developments in the works for south Pinellas.
The Commission approved more than $10 million to support 223 new affordable and workforce apartments in the massive Azalea Gateway and Sky Town Apartments in St. Petesburg, adding to hundreds of new homes supported by Pinellas County over the past year in Largo, Seminole and other communities.
The affordably-priced apartments will represent 30 percent of the homes planned for the first phases of each development. Subsequent phases call for building more than 3,000 total units, with 30 percent set aside for those who earn near or below the Area’s Median Income (AMI).
Both projects represent successful efforts by local governments in the Advantage Pinellas Housing Compact to incentivize traditional residential developers to include apartments that are affordable to workers and families who are struggling with the cost of housing.
If both projects proceed with all future planned phases, they will become the largest mixed-income developments in Pinellas County.
In recent years, Pinellas County and the City of St. Petersburg have worked together to bring affordability into other traditional and upscale developments, such as Arya, a 415-unit apartment complex that’s currently underway with 125 affordable homes.
The Housing Compact partnership also resulted in developers shifting the Bayou Court Apartments to set aside all 60 apartments for affordable and workfore housing targeted at local teachers and other public servants.
Affordable homes are considered those priced at 30 to 80 percent of the Area’s Median Income (AMI) – up to $76,400 for a family of four, or $53,500 for a single person, while workforce housing has a cap of 120 percent of AMI.
Over the past year alone, Compact partners have celebrated more than 400 new affordable or workforce homes opening or starting construction, with new developments in Largo, Seminole, unincorporated Ridgecrest and other locations.
About the newly approved developments
- Azalea Gateway is planned in three phases totaling 1,000 apartments of which 30 percent will be set aside as income-restricted affordable and workforce housing. The first phase, approved Tuesday, includes 340 apartments with 51 set aside for those earning 80 percent or less of AMI and 51 for those earning up to 120 percent of AMI. The rest of the apartments (238) will rent at market rates. This large residential development will be located at 1501 72nd St. N., St. Petersburg. Total cost for phase one: $109.8 million. Pinellas County support: $5.25 million for construction from the Penny for Pinellas. County funding is contingent on the City of St. Petersburg’s approval of $6 million toward the project. Developer: Azalea Gateway, LLC.
- Sky Town Apartments is planned in multiple phases totaling 2,084 apartments. The first phase includes 401 units, with 60 set aside for those earning 80 percent or less of AMI and 61 for those earning up to 120 percent AMI. The rest of the apartments (280) will rent at market rates. This large residential development will be located at 3201 34th St. S., St. Petersburg. Total cost for phase one: $120.38 million. Pinellas County support: $5.5 million for construction from the Penny for Pinellas. County funding is contingent on the City of St. Petersburg’s approval of $4.5 million toward the project. Developer: AC Skytown Site C, LLC.
About the Housing Compact
To date, Pinellas County and Forward Pinellas, along with the cities of Clearwater, Gulfport, Largo, Oldsmar, Pinellas Park, St. Petersburg and Treasure Island have all signed the Advantage Pinellas Housing Compact, an agreement by local governments to take a unified approach to address local housing needs.
Compact partners have made strides to fill the affordability gap by incentivizing development of homes set at affordable rents through a mix of local, state and federal funds. A new Housing Action Plan will broaden these efforts by bringing in private industry and nonprofit partners to build financial and community support for a wider range of homes linked to transportation, jobs and other essential services.
Learn more about the Housing Compact at www.HomesforPinellas.org.