St. Pete City Council approves $9.7 million for 264-unit affordable housing project slated for 31st Street

Sustainable Development Goals (SDGs) – Fairfield Avenue Apartments

Introduction

1. Yesterday, St. Pete City Council approved funding to construct a 264-unit affordable housing development at 31st Street South and Fairfield Avenue near the Warehouse Arts District.
2. The project, dubbed the Fairfield Avenue Apartments, was first proposed in early 2022 by HP Capital Group, the developers behind Reflection, an 18-story condominium tower under construction near Mirror Lake in downtown St. Pete.

Project Details

• Fairfield Avenue Apartments will consist of 264 affordable and workforce apartments in three buildings with 74 one-bedroom units, 163 two-bedroom units, and 27 three-bedroom units.
• The community is planned for a 6.92-acre site on Fairfield Avenue between 31st Street and 34th Street that previously housed the Tibbetts Lumber Company.
• The apartment project will front the Pinellas Trail and include 345 vehicular parking spaces and 278 bicycle parking spaces.
• Amenities include three computer labs, a community room with a kitchen, bike pavilions with bike repair stations, a community pool, a playground, and picnic and barbecue areas.

Funding and Affordability

• While the development was approved in August 2022, delays in securing financing led to project delays and cost increases. As a result, the developers requested additional funding from Pinellas County and the City of St. Petersburg. City Council voted yesterday to approve $9.7 million in funding, allowing the project to move forward.
• Fairfield Avenue Apartments will cost $87.8 million to construct and will be financed using several sources including a $56.1 million HUD 221(d)(4) construction loan, $12.4 million from Pinellas County, $8.2 million in developer equity, and a $1.5 million sales tax rebate, in addition to the grant from the City of St. Petersburg.
• A portion of the funds from Pinellas County will be used for land acquisition meaning the project will be permanently affordable.

Income-Restricted Units

• According to a presentation given to City Council, the total cost per unit is $332,575 which is below the cost of other similar projects that average $343,000. The per unit subsidy of $36,742 is also below other similar projects that average $46,288.
• As a result of the public investment in the project, all of the units will be income-restricted affordable or workforce housing:
• 53 units of the units will cater to households making 50% of area median income and below (currently $39,150 annually for a household of three) including 36 one-bedroom units, 15 two-bedroom units and 2 three-bedroom units.
• 67 units will cater to households making 80% of area median income and below (currently $62,550 for a family of three) including 19 one-bedroom units, 43 two-bedroom units and 5 three-bedroom units.
• 144 units for households at 120% of area median income and below (currently $93,960 for a household of three) including 19 one-bedroom units, 104 two-bedroom units and 21 three-bedroom units.

Legislative Approval and Construction Timeline

• The project is proposed for a site that is zoned Industrial Traditional which typically does not allow for the development of housing.
• However, in 2020 the Florida Legislature passed House Bill 1339 which allows local municipalities to “approve the development of housing that is affordable, as defined in s.430.004, on any parcel zoned for residential, commercial, or industrial use.”
• Construction on the Fairfield Avenue Apartments is expected to begin in the first quarter of 2024 and will wrap up in late 2025. KAST Construction will serve as the general contractor for the project.

SDGs, Targets, and Indicators

1. No Poverty

• Target 1.4: By 2030, ensure that all men and women, in particular the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership, and control over land and other forms of property, inheritance, natural resources, appropriate new technology, and financial services, including microfinance.

3. Good Health and Well-being

• Target 3.8: Achieve universal health coverage, including financial risk protection, access to quality essential health-care services, and access to safe, effective, quality, and affordable essential medicines and vaccines for all.

11. Sustainable Cities and Communities

• Target 11.1: By 2030, ensure access for all to adequate, safe, and affordable housing and basic services and upgrade slums.
• Target 11.3: By 2030, enhance inclusive and sustainable urbanization and capacity for participatory, integrated, and sustainable human settlement planning and management in all countries.

17. Partnerships for the Goals

• Target 17.17: Encourage and promote effective public, public-private, and civil society partnerships, building on the experience and resourcing strategies of partnerships.

Table: SDGs, Targets, and Indicators

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Source: stpeterising.com

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