ST. PETERSBURG, Fla. (WFLA) — A development project is promising to change the landscape of the Skyway Marina District by bringing in affordable housing come 2027.
Development group Altis Cardinal, LLC, joined Pinellas County and City leaders for a groundbreaking of the $800 million mixed-income use project, Sky Town Apartments.
“This was a vision, several years ago, and it’s now become a reality with Sprouts that’s about to open in less than a month, and a 400-unit apartment project that’s under construction and coming out of the ground very, very nicely,” said Frank Guerra, founder and principal of Altis Cardinal, LLC. “We’re very excited to share this with you all and to officially kick off the birth of an important project, not only for us, but for this entire area of St. Pete.”
A partnership with Pinellas County and St. Petersburg has ensured 121 housing units will remain affordable for the next 50 years with the investment of $5.5 million from the County’s Penny for Pinellas fund and $4.5 million from the City’s Housing Capital Improvement Fund.
“You asked for it. We’re giving it to you. Affordable housing in a community where you can live, work and play,” said County Commissioner Rene Flowers of District 7.
Mayor Kenneth Welch said the project will transform the area and set a new standard for inclusive growth that serves everyone.
“We will witness the transformation of 34 acres here in the Skyway Marina District into a vibrant, mixed-use community that will be that will meet a critical need for housing,” Mayor Welch said.
8 On Your Side spoke with residents about the new ordeal.
“I need to know what affordable means to them,” said Anita Richardson of St. Petersburg.
“The income that people that they give you is enough to live up there to move into an apartment or into a house,” added John Bumgardner of St. Petersburg.
According to developers, 2,084 apartments will be built in three phases.
401 units will be built in the first phase, but only 30% or 121 units will be affordable housing.
60 units of the first phase based on 80% of the area’s median income or AMI of the number of people living in the household. The other 61 will be based on 120% AMI.
According to Housing and Urban development numbers, 80% AMI in Pinellas County for one person is 58,450 dollars, while 120% AMI is 87,600 dollars.
“That’s not for everybody, you know what I’m saying,” Richardson said. “I’m talking about people that have a job, but they have to decide whether they’re going to eat or pay that high rent.”
Guerra told 8 On Your Side the project is expected to be completed by 2027, with the first units being available to lease in May of that year.
Rent prices will not be available until pre-leasing, Guerra said, which will be Q1 of 2027.
Along with affordable housing, the project will feature commercial retail space such as the Sprouts Farmer’s Market, coffee cafes, restaurants and more.
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