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Developer buys St. Pete property in $16.5 million deal for 304-unit affordable housing complex

Under the Live Local Act, the project is exempt from administrative approval and the standard municipal approval process required for new development, as long as at least 40% of the apartments are reserved for households earning no more than 120% of the area median income (AMI) for at least 30 years.

The proposed development will include 304 apartments, which consist of 196 one-bedroom apartments and 108 two-bedroom apartments. All 304 units are expected to rent to households earning at or below 120% of the area median income (AMI).

The community will include four four-story apartment buildings, a clubhouse and leasing office building, and several one-story garage buildings. Amenities will include a swimming pool, fitness center, resident clubhouse, outdoor seating areas, and a dog run.

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