The Pinellas County Board of County Commissioners unanimously approved land acquisition funding Tuesday for a new affordable housing project in St. Petersburg’s Skyway Marina District.
Nashville-based Elmington Capital Group’s Skyway Flats development, at 3600 34th Street S., will feature a five-story building with 174 units. These apartments will be reserved for households who earn between 30 to 80% of the Area Median Income.
“There’s been a ton of development in St. Petersburg,” Elmington senior development associate Brie Kiewath told the Catalyst. “It’s amazing to see all of the growth. However, rent is getting more expensive and housing prices are going up. Providing attainable housing in an area that is booming is necessary.”
She added that the company signed a purchase and sale agreement for the approximately three-acre property in August 2025 and will acquire the land “at the full financial closing of the transaction.” The estimated time frame is early 2027.
Construction on the building is expected to commence in the same year, dependent on site plan and permit approval. It will take about two years to complete.
The approximately $77 million project will be funded by multiple sources, including the approved $6 million in public dollars to purchase the property. A Land Use Restriction Agreement will ensure that the apartments are affordable for 99 years.
According to the application submitted to Pinellas County, Elmington has requested “$21,000,000 of tax-exempt bonds” and “$19,000,000 of taxable bonds” from the Housing Finance Authority of Pinellas County.
The Board of County Commissioners also approved a mandatory Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) hearing. This gives the public an opportunity to “comment on a proposed private activity bond issue,” according to the National Association of Bond Lawyers.
Raymond James will provide more than $29 million in Low-Income Housing Tax Credit (LIHTC) equity. Affordable housing investment company R4 Capital and the Florida Housing Finance Corporation, through its Live Local Act State Apartment Incentive Loan program, will contribute additional funding.
Elmington will “self-source” approximately $4 million, according to the application submitted to Pinellas County. A deferred developer fee of more than $8 million will also help finance the project.
Eighteen apartments will be reserved for youth aging out of foster care. Elmington plans to collaborate with Family Support Services of Suncoast, based in Largo, to help find eligible tenants. This was a criteria option for Florida Housing Finance Corporation funding, Kiewath said.
“I’ve worked on previous transactions in Pinellas County where that was a goal,” she explained. “There’s such a need for it in the area.”
All residents will have access to services such as financial counseling and computer, literacy and job training.
The project will have 28 one-bedroom, 100 two-bedroom and 46 three-bedroom options. Amenities include a leasing office with community space, a fitness center and on-site maintenance.
Apartments will feature granite countertops, Energy Star appliances, walk in closets and in unit washer and dryers. Elmington is still in the preliminary design process.
This content provided in partnership with StPeteCatalyst.com
