Pinellas County commissioners will consider whether to commit up to $6 million in public funds toward a land purchase tied to a planned affordable housing development in south St. Petersburg.
The measure would direct Penny for Pinellas revenue to acquire the site for Skyway Flats, a 174-unit project at 3600 34th St. S. The development is being advanced by ECG Pinellas, LP.
County materials show the funding as part of a larger capital stack supporting a project expected to cost roughly $76.8 million. The public contribution would be limited to land acquisition, which is estimated at about $6.16 million.
Skyway Flats would be a 174-unit, fully income-restricted community. Plans call for 28 one-bedroom units, 100 two-bedroom units and 46 three-bedroom units. The project would target households across multiple income tiers, including those earning below 30%, 50% and 80% of area median income.
READ: TAMPA BAY REAL ESTATE NEWS
The county’s share represents a small portion of the overall financing, which also includes tax credit equity, state housing funds and private capital. The project’s viability depends on assembling those sources, several of which are still pending final approval.
Staff recommended approval, pointing to the site’s location along a primary transit corridor and the range of income levels the project would serve. The recommendation comes with conditions, including a third-party appraisal, due diligence, site plan approval and confirmation of all funding sources.
If approved, the county’s involvement would also carry a long-term affordability requirement. County documents indicate that the land-use restriction tied to the funding would extend affordability for 99 years.
The proposed allocation is already built into the county’s capital plan under its affordable housing program funded through the local infrastructure sales surtax.
The vote would authorize the county to participate in the land acquisition, a step required for the project to proceed.
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