Stoneweg US LLC will develop two workforce housing projects in south St. Petersburg, just a few miles from the company’s downtown headquarters.
One project will be built on what is now vacant land at 3049 6th St. S. near Lake Maggiore, while the other will be developed at the site of the Coquina Key Shopping Center at 4350 6th St. S.
The St. Pete Catalyst reported in March that the company was planning a local workforce housing project, although details were not released until Tuesday morning.
Lake Maggiore, on 15 acres, will be a ground-up development with workforce units. Coquina Key, on 14.3 acres, will be a mixed-use development with both retail space and workforce housing. Both complexes will include market amenities and incorporate environmentally sustainable elements, a news release said.
“Providing sustainable, resilient, and community-centric workforce housing to renters is an essential part of our DNA and critical to our corporate mission,” said Patrick Richard, CEO for Stoneweg US. The company is the U.S. investment manager for Varia US Properties AG, a Swiss publicly traded multifamily real estate fund. “The acquisition of Lake Maggiore and Coquina Key provides an additional opportunity for us to provide renters in our St. Petersburg hometown with attainable and optimal living solutions, which is key for us.”
Workforce housing means housing that is affordable to families whose total annual household income between 80 percent and 120 percent of area median income, adjusted for household size, in accordance with Florida law, a spokeswoman for Stoneweg US said. As home prices and rents rise in St. Petersburg and other communities, the availability of workforce housing, as well as affordable housing for lower-income households, has become increasingly scarce.
Stoneweg US, through an entity called SWD Coquina Key, bought the Coquina Key property in March for $7.2 million, according to Pinellas County property records. It bought an adjacent smaller parcel for $1.6 million a few days later.
On April 14,SWD Lake Maggiore LLC, also affiliated with Stoneweg US., bought the Lake Maggiore land for $6.4 million.
Stoneweg US traditionally has been an investor in multi-family properties. In November, the company bought Trellis at the Lakes, a a 688-unit apartment community in north St. Petersburg, for $114 million, its first deal in St. Petersburg. It recently began building its own apartment buildings, starting with Tuscan Reserve Apartments on the east coast of Florida in Palm Coast.
The company has a portfolio of more than 12,700 units valued at over $1.25 billion.