New funds have been committed toward the housing and revitalization efforts of Jordan Park, an historic African American housing development in South St. Petersburg.
On Thursday, the St. Pete City Council unanimously approved $2 million in tax increment financing funds from the South St. Petersburg Redevelopment District Fund toward the redevelopment of the Jordan Park housing complex.
The funds will go toward the $93.3 million redevelopment of the complex at 1245 Jordan Park Street South. The project entails the rehabilitation of 206 residential units and the construction of 60 new units for the Senior Village.
Plans on the renovations and redevelopment of Jordan Park started several years ago. Earlier this year, the estimate for the project was roughly $71 million.
The Jordan Park redevelopment will include the demolition of 31 existing senior units and the construction of 60 new senior housing units. The units will be comprised of 54 one-bedroom units and six two-bedroom units contained within one three-story garden apartment building, according to city documents.
The 206 units were completed in 2003. Over 100 of the units are two-bedrooms, 90 units are three-bedrooms, and there are five, four-bedroom units in a one-story and a two-story building.
Fifteen percent of the units will be for household income levels at or below 30% of the area median income, and 85% of the units for households at or below 60% AMI.
The units will have green energy features such as Energy Star ceiling fans, kitchen appliances and windows.
New York-based Norstar Development USA LP and the St. Petersburg Housing Authority (SPHA) are the co-developers of the project.
The project will happen in phases to decrease any disruption the families living in the units may experience, a representative with Norstar said during the meeting.
Under the agreement, the first payment of $1 million will be made within 45 days after the completion of the first renovation phase of the units. Meanwhile, the second payment of $1 million will be made within 45 days after completion of exterior wall construction for the Senior Village.
The obligation to pay the second $1 million installment is subject to a written report detailing the experiences and current housing status of residents who were relocated from the first phase of renovation, according to city documents.