Latest news with #PennyforPinellas
Yahoo
4 days ago
- Business
- Yahoo
Construction to begin on St Petersburg's $800 million SkyTown development
A mixed-use development that will bring thousands of apartments and a grocery store to St. Petersburg's SkyWay Marina District is starting to take shape after receiving funding from public and private backers. The project, dubbed SkyTown, is slated for the former Ceridian office campus at 3201 34th St. S. Coral Gables-based developer Altis Cardinal bought the 32-acre property in 2021 for $40 million. 'We're the largest community that has been approved in all of St Pete,' said Frank Guerra, principal of Altis Cardinal. 'We're putting a 24-hour kind of living situation together on this one 32-acre parcel.' It will be built in six phases and is expected to cost between $750 and $800 million. Once complete, it will add 2,084 apartments, 69,000 square feet of retail space including a Sprouts Farmers Market and 120,000 square feet of self-storage. This is the first Sprouts Farmers Market to open in St. Petersburg, and is slated to open in October. It joins four other locations in Pinellas County and 19 around Tampa Bay. On Tuesday, Altis Cardinal, secured a $68 million construction loan from Third Fifth Bank, according to records filed with the Pinellas County Clerk's Office. The developer also got approved for a $4.5 million forgivable loan from the City of St. Petersburg in April and a $5.5 million allocation from Pinellas County through the Penny for Pinellas sales tax. All this funding will go toward the first phase, which will feature 401 apartments and 12,000 square feet of ground-floor retail. Of those apartments, 121 will be designated as workforce housing. About half will be reserved for households that earn up to 120% of the area median income, which is currently about $87,600 for a single person or $125,160 for a family of four. The other half will be for those who earn up to 80% of the area median income — $58,450 for a single person or $83,450 for a family of four. People could start moving in by the the third quarter of 2027. Guerra said they're already in talks to fill the retail space below. He envisions something neighborhood-oriented like a wine bar, restaurant, coffee shop, bakery or day spa. Building out the entire project could take eight to ten years. The Skyway Marina District is currently undergoing a transformation, with at least four other residential projects popping up within a stone's throw of SkyTown. But Guerra said what sets his development apart is the 'town-square' feel it will have. 'We are making a walkable community where people can get everything they need on site,' said Guerra. 'We think our retail will draw people from outside the area.'
Axios
25-04-2025
- Business
- Axios
St. Petersburg's Skyway Marina District is booming. Here's what's ahead
St. Petersburg 's once-dormant Skyway Marina District is going through big changes. Why it matters: Development in the retail and housing corridor along 34th Street South has brought new restaurants, businesses and hundreds of apartment units to south St. Pete, with much more to come. The latest: Arguably the district's biggest project just got a funding boost from the city. City Council members have agreed to kick in $4.5 million for affordable housing at Sky Town, an apartment and shopping center planned for the 34-acre former Ceredian campus at 3201 34th St. S. It's on top of $5.5 million that Pinellas County commissioners have pledged for the project using Penny for Pinellas funds. State of play: The money will go toward the project's first phase, which includes a Sprouts grocery store and an apartment complex with 401 studio, one-, two- and three-bedroom apartments. While the housing was initially supposed to be all market-rate, city officials negotiated with the developer to convert 121 units to workforce housing, according to city documents. Sixty of those units will be for households making up to 80% of the area median income (currently $68,800 for a family of three), with the additional 61 for households at or below 120% ($103,200). Meanwhile, construction on the Sprouts is underway and set to wrap in October, the Tampa Bay Business Journal reported. The big picture: The project as a whole will include more than 2,000 apartments, 69,000 square feet of grocery and retail space, and 120,000 square feet of self-storage, per the site plan approved by the city. Catch up quick: Skyway is a boomlet. In recent years, it also saw the openings of Sur Club, Marina Walk and The Addison.
