Sky Town Development Approved for St. Petersburg

News Summary

St. Petersburg residents celebrate as the Pinellas County Commission has approved $5.5 million to fund the Sky Town development, aimed at creating affordable housing. This ambitious project by Altis Cardinal will feature 401 apartments in its initial phase, with 121 designated as affordable housing units. Construction is set to commence in March 2025, making way for a vibrant community with extensive amenities, all within a prime location in the Skyway Marina District.

Exciting News for St. Petersburg Residents: Sky Town Development Takes Off

St. Petersburg is buzzing with excitement as the Pinellas County Commission has officially greenlit an impressive $5.5 million funding plan to kickstart the much-anticipated Sky Town development. This marks a monumental step towards creating much-needed affordable housing in the area, responding to the growing demand for more living options.

A Massive Residential Project Unfolds

Sky Town is shaping up to be one of the largest residential ventures underway in St. Petersburg, and with good reason! Developed by Coral Gables-based company Altis Cardinal, this sprawling project is set to include a whopping 401 apartments in its first phase alone. Among these, 121 apartments are earmarked specifically as affordable housing. This strategic decision aims to accommodate a variety of families and individuals within the community while keeping up with the rising living costs.

Construction Plans and Timelines

Construction for this exciting first phase is anticipated to begin in March 2025, and residents are already looking forward to what it will bring. The entire Sky Town project is planned to encompass a phenomenal 2,084 apartments spread across six five-story buildings, giving plenty of breather space in this bustling urban environment.

Prime Location and Added Amenities

Sky Town is being constructed at 3201 34th Street South in the vibrant Skyway Marina District. This vast development spans an impressive 34.2 acres, ensuring ample space not just for housing, but also for commercial and recreational activities.

Some fantastic amenities will be included alongside the residential units:

Over 80,000 square feet of retail space
22,500 square feet of office space
4,000 parking spaces
119,160 square feet of self-storage area

This variety ensures that Sky Town will be a well-rounded community where everything residents need will be within close reach!

Affordable Housing Details

Out of the 121 affordable units being constructed, 60 units will cater to households earning up to 80% of the area median income (AMI), while 61 units will be for those earning up to 120% of AMI. To sustain the affordable nature of these homes, a land use restriction agreement has been put in place to maintain affordability for a stretching 30-year period.

The remainder of the 280 units will be available at market rates, contributing to a diverse living environment in Sky Town.

Funding and Future Prospects

The $5.5 million funding approved by Pinellas County is contingent on an additional $4.5 million approval from the City of St. Petersburg, paving the way for the development’s success. Residents can also look forward to a new Sprouts Farmer’s Market grocery store scheduled to open by October 2025, which will surely enhance the livability of the community!

A Steady Rollout and Community Involvement

Altis Cardinal’s plan to stagger the construction and leasing of multiple phases offers an exciting way to maintain momentum and keep the community involved throughout the development process. Plus, those curious about the area will be pleased to know that the existing nine-story office building from the former Ceridian campus will be preserved, maintaining a piece of the local history amidst the new growth.

St. Petersburg is on the cusp of a transformational change that promises to enhance the city’s living experience, bringing lasting value to its residents. Sky Town is becoming a reality, and folks are ready to embrace the new community!