A new 330-unit, mixed-income apartment development is in the works for 6th Street South.
This week, the St. Petersburg Development Review Commission unanimously approved Stoneweg US’s plans for the site that was once a mobile home park.
The project, referred to as the Lake Maggiore Apartments, will be located between 6th Street and M.L. King Jr. Street S. A decade ago, the vacant 14-acre property was the site of a mobile home park.
Developer Stoneweg US, a St. Pete-based investment firm specializing in multifamily acquisitions and developments, purchased the parcel last year for $6.4 million.
Through the rezoning from commercial to multifamily, Stoneweg is able to build 30 units per acre, which will bring the total number of units to 330.
Out of the planned 330 units, 100 will be dedicated to workforce housing – meeting 80% and 120% of the area’s median income (AMI) requirements. The remaining 230 units will be rented at market rates.
“We want to continue to grow in St. Pete and have an emphasis on workforce housing that we are lacking all around the bay,” Stoneweg Development Manager Mark Rios previously said about the project. “The site is close to downtown and we saw that parcel was underutilized. It’s hard to find a piece of property large enough to build multifamily.”
The development will have one- and two-bedroom units as well as townhome units. The one-bedroom units range from 620 to 720 square feet. The two-bedroom units will be 1,080 to 1,114 square feet and the townhomes will range from 1,544 to 1,653 square feet.
The three-story townhome units will be located along 6th Street and will include garages.
The amenities at the complex will include community gardens, a dog park, a pool and a clubhouse, according to the site plan filed.
Stoneweg is working with St. Petersburg-based Vickstrom Engineering Services Inc. and Jacksonville-based Boldline Design Group on the project.
The company expects the project to be completed in the first quarter of 2024.
Stoneweg is the same group that recently purchased the 15-story WaterView Echelon City Center apartments in a $100 million deal.