Tampa City Council on Thursday unanimously approved a deal with PMG Affordable to redevelop four properties between North Tampa Street and East Ashley Drive.
The developer, a subsidiary of Property Markets Group, has committed to building 1,150 residential units on the property, which totals 5.6 acres.
Of those units, at least 568 will be reserved for those earning at or below 80% of the area’s annual median income, according to the language of the deal approved Thursday. At least 230 of the units will be for those earning between 80% and 140% of the AMI.
The deal will also include 150 public parking spots, costing the developer $7 million, a spokesperson for PMG said Thursday.
It also calls for roughly 28,000 square feet of ground-floor retail, commercial and community space.
The council vote follows the city and CRA’s March selection of the PMG Affordable-led proposal from a solicitation requiring at least 800 homes.
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PMG Affordable is partnered with the Tampa Housing Authority, Banc of America Community Development Company and Tampa-based DuCon LLC; the group is also pursuing the redevelopment of Robles Park Village.
Plans include plazas, green space, outdoor seating, public art, landscaped sidewalks, bike and micromobility areas, new streets and infrastructure upgrades.
The site is adjacent to the Ashley Drive connection to Interstate 275, where officials have discussed pedestrian-safety and connectivity improvements linking North Downtown with Tampa Heights, the Riverwalk, the Straz Center, jobs and transit.
“Today’s unanimous City Council vote is an important step toward delivering much-needed affordable, attainable and workforce housing for Tampa families,” PMG Affordable Partner Dan Coakley said. The approval allows the team to proceed with design, financing and community coordination before construction.