Tangerine Plaza Redevelopment Approved by City Council

News Summary

The St. Petersburg City Council has approved a 75-year lease agreement with Sugar Hill Group for the redevelopment of Tangerine Plaza, aiming to create affordable housing and retail space. The project will feature at least 115 affordable rental units and a grocery store to address the area’s food desert status. This public-private partnership hopes to revitalize the community and enhance accessibility to essential goods and services.

Exciting Revitalization Ahead in St. Petersburg!

St. Petersburg, Florida, is buzzing with news as the City Council has recently given a thumbs-up to a plan that promises to breathe new life into Tangerine Plaza. In a decision made through a close 5-3 vote, the council approved a 75-year lease agreement with the Sugar Hill Group for an ambitious redevelopment project.

A New Era for Tangerine Plaza

This redevelopment is aimed at creating a vibrant mix of affordable housing and retail space. Sugar Hill Group has committed to developing at least 115 affordable rental units, as well as 10,000 square feet of retail space. The intention is to make Tangerine Plaza not just another shopping area, but a community hub where residents can enjoy convenient access to essential goods and services.

The Grocery Store Mandate

A noteworthy aspect of this project is the requirement for an anchor grocery store. This store must occupy a minimum of 3,000 square feet within the plaza. Early discussions are reportedly ongoing with Sarasota-based Detwiler’s Farm Market, which could become the go-to destination for grocery shopping in the area. Individuals and families in the community are excited about the prospect of having a reliable grocery option nearby, especially since the retail space has been vacant since Walmart Neighborhood Market closed back in 2017, and before that, it was home to SweetBay Supermarket for eight years.

A Community Need

This ongoing vacancy serves as a reminder of the area’s designation as a federally recognized food desert. With limited access to fresh and affordable food options, it’s vital that the new grocery store becomes a cornerstone for revitalization. The project aims to tackle this challenge head-on, providing necessary resources to enhance the neighborhood’s quality of life.

Financial Commitments and Construction Plans

As part of this arrangement, Sugar Hill Group will be paying an annual lease fee of $100,000 to the city for the entire 75-year lease term. The group is also required to secure all necessary funding for this project within the next 18 months. Upon completion of the development, the partners plan to execute an option agreement to purchase the property for a total of $1.5 million.

The affordable apartments will cater to residents earning up to 80% of the area median income (AMI) and must remain affordable for a minimum of 40 years. The mix of units is expected to include one-to-three-bedroom options, ensuring that various family sizes can find a suitable place to live.

The projected timeline for this exciting development includes the submission of site plans for approval within the next three months, with plans to break ground within 18 months and finish construction within three years.”);

Public-Private Partnership in Action

This initiative is being hailed as a model for successful public-private partnerships, with many council members expressing confidence in its potential impact. The hope is that this revitalization project will serve as a poster child for similar collaborations in the future, showing how public resources and private investment can work together for the common good.

The Big Picture

Ultimately, the redevelopment of Tangerine Plaza is set to impact the community positively by not just offering much-needed affordable housing but also establishing a crucial grocery option. As work progresses on this project, St. Petersburg residents can look forward to a revitalized plaza that enhances both accessibility to everyday necessities and living spaces that are both comfortable and affordable.

Stay tuned for more updates as this project moves forward!