The St. Petersburg City Council has given the go-ahead to two very different housing developments for the city.
Meeting as the Community Redevelopment Agency, city council members found that Saltaire, a 35-story luxury condominium development, was consistent with plans for downtown development. The CRA also authorized a city loan for The Shores Apartments Ltd., a 51-unit affordable housing development in the South St. Petersburg Community Redevelopment Area.
Neither measure drew any comment from the public and both were approved unanimously.
Saltaire, at 333 1st St. S., is being developed by The Kolter Group, the developer behind One St. Petersburg. With a projected cost of $136 million, the project will have 192 condo units and 9,681-square-feet of commercial space. It will be built on 1.77 acres that now is the parking lot for the Hilton Hotel. Saltaire and the Hilton will share a parking garage.
The ground floor of the building will include a residential lobby and retail space, as well as back-of-house areas and the entrance to the parking garage. Parking will be on the second through sixth floors, and the seventh floor will have indoor and outdoor amenity space. There will be some residential units on the lower floors, but most of the condos will be above the seventh floor.
The Shores Apartments is an $11.6 million project being developed by The Richman Group of Florida at the southwest corner of 26th Avenue South and 31st Street South. It will include 51 affordable apartments, 45 of them for households with incomes at or below 60 percent of the average median income for the area, and six of the apartments for households at or below 35 percent of the average median income.
A family of four with a household income of $40,140 would pay no more than $1,044 a month for a three-bedroom apartment under current guidelines.
The one, two and three-bedroom apartments at The Shores will range in size from 650 square feet to 1,150 square feet.
There also will be a clubhouse, cybercafé/coffee bar, swimming pool and other amenities. The building will meet the bronze certification for the National Green Building Standards. Resident programs will include an after-school program for children, adult literacy tutors and a home ownership opportunity program that provides a financial incentive of 5 percent of the rent paid as a gift or grant toward a home purchase.
City council members agreed to loan the developer $567,000 that can be used as a local contribution toward the project and will improve its chances of being awarded state tax credits. The developer will repay $8,197 a year for 20 years, with the remaining balance of $403,560 to be forgiven in year 21. The city’s contribution come from tax increment financing from the South St. Petersburg Redevelopment Trust Fund.
Construction is expected to begin in the third quarter of 2020, with the project completed about a year later, a spokesman for The Richman Group told the council.
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