Stoneweg is preparing to turn dirt at 32nd Ave. South for its first-ever project in St. Petersburg.
St. Petersburg-based Stoneweg US LLC, a real estate investment firm specializing in multifamily acquisitions and developments, will develop a new workforce housing project on vacant land in South St. Pete near Lake Maggiore.
The project referred to as the Lake Maggiore Apartments will be a housing community of 330 apartment units located between 6th Street S and M.L. King Jr. Street S. A decade ago, the vacant 14-acre property was the site of a mobile home park.
Out of the planned 330 units, 100 will be dedicated to workforce housing – meeting 80% and 120% of the area’s median income requirements. The remaining 230 units will be rented at market rates.
“It’s great to be able to build this in our backyard. Many of us live in St. Pete, and we are cognizant and sensitive of the community’s needs,” Stoneweg Development Manager Mark Rios said.
Rios previously served as the Vice President of Real Estate Development at Tampa-based Metropolitan Ministries, where he oversaw the construction management of projects for the homeless in Tampa Bay.
“We want to continue to grow in St. Pete and have an emphasis on workforce housing that we are lacking all around the bay,” he said.
Stoneweg bought the Lake Maggiore land earlier last year for $6.4 million.
“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,” Rios said.
Stoneweg is currently in the final stages of rezoning approvals on the Lake Maggiore development. The group is expecting to break ground this second quarter.
A stormwater permit showed a site plan for the development with a total of nine residential buildings, including:
- One four-story, 36,153-square-foot building with 136 units
- Two, three-story, 12,572-square-foot buildings with 42 units
- One three-story, 8,544-square-foot building with 24 units
- Three other three-story buildings with 24 units, respectively
- A 5,248-square-foot building with seven units
- Another building with seven units
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 14, three-story townhome units will be located along 6th Street and will include a garage.
The amenities at the complex will include community gardens, a dog park, a pool and a state-of-the-art and clubhouse, according to the site plan filed.
Rios said the complex will be Green-certified as it will have solar panels on the clubhouse, use high-efficiency energy windows for the units, and use reclaimed water for irrigation and well water for the community gardens.
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 also working on developing another workforce housing community at the site of the Coquina Key Shopping Center at 4350 6th St. S. – less than a mile from the Lake Maggiore Apartments.
Coquina Key, on 14.3 acres, will be a mixed-use development with both retail space and workforce housing.
Rios said Stoneweg is hoping to break ground on the Coquina Key development this year.
Stoneweg purchased the 15-story WaterView Echelon City Center apartments in a $100 million deal last week. Around the same time, Stoneweg also purchased two apartment complexes in Louisville, Kentucky in a $230 million deal.