A 2020 law allows cities to permit residential developments on formerly industrial land.
The first project approved under a 2020 Florida law that lets cities convert formerly industrial land to housing broke ground in St. Petersburg, reports Jesse Mendoza in Florida Politics.
The project is the largest affordable housing development approved in St. Petersburg to date and could offer a useful model for other cities. The 6.9-acre site will include 264 housing units for multiple income levels.
“Total development costs are estimated at $94.2 million and will be financed through a combination of public and private sources, including $9.7 million from the South St. Pete Community Redevelopment Area fund, funding from Pinellas County, a HUD construction loan and developer equity.” When complete, it will be owned and managed by the Pinellas County Housing Authority.
Read the full story: St. Petersburg breaks ground on first Florida housing project approved under industrial-land law
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