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Affordable Housing Development

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Affordable Housing Development Approved. In an enthusiastic show of support, the Development Review Commission of St. Petersburg has unanimously green-lighted the Flats on 4th project, a pioneering affordable housing initiative designed to alleviate the acute shortage of low-cost senior housing in the area. This $37.5 million project will be situated on an undeveloped lot at the southwest corner of 106th Avenue North and 4th Street North in the northern part of St. Pete, marking a significant advancement in the city’s efforts to combat housing insecurity among its elderly population.

Flats on 4th Street

The Flats on 4th project will feature a four-story, mid-rise building comprising 52 one-bedroom and 28 two-bedroom units. It aims to serve residents earning between 40 to 60 percent of the area median income (AMI), addressing the pressing need for affordable living options in the Gateway area of St. Petersburg. Commissioner Todd Reed praised the project for utilizing a piece of land in such a strategic location for workforce housing, underscoring the innovative approach to tackling the housing crisis.

Affordable Housing Development: This endeavor is the result of a collaborative public-private partnership involving the Pinellas County Housing Authority, Pinellas County, the City of St. Petersburg, and Archway Partners. Specializing in affordable and workforce housing, Archway Partners brings a wealth of experience and dedication to this project, ensuring high-quality living standards are maintained across all units.

Flats on 4th Street
Flats on 4th Street

Apart from featuring modern amenities like granite countertops, energy-efficient appliances, and a community room, the building is designed with resilience in mind. Given its location in an AE flood zone, the structure will be elevated to provide covered parking and mitigate flooding risks, showcasing a thoughtful consideration for environmental challenges.

Flats on 4th Street
Flats on 4th Street

By leveraging both a graywater and a workforce housing density bonus, Archway Partners has been able to increase the number of units beyond the base density allowed in the NSM-1 zoning district. This strategic move not only maximizes the project’s impact but also sets a precedent for future developments in the area.

St. Pete Catalyst Article

Affordable Housing Development: Funding for the Flats on 4th comes from a mix of low-income housing tax credits, tax-exempt bonds, and grants from the Florida Housing Finance Corporation, with significant contributions from the City of St. Petersburg and the Penny for Pinellas program. Additionally, a substantial portion of the development will benefit from Project-Based Section 8 Vouchers, ensuring that affordable housing remains accessible to those in dire need.

Critically, Archway Partners emphasizes that quality will not be compromised for affordability. All units will be built to the same high standards, ensuring that all residents, regardless of income, enjoy a dignified and comfortable living environment. This commitment to equality and quality underscores the transformative potential of the Flats on 4th project.

St. Pete Rising Article

With construction slated to begin in late 2024 and completion expected by early 2026, the Flats on 4th represents a beacon of hope for low-income seniors in St. Petersburg. It stands as a testament to what can be achieved when public and private sectors collaborate towards a common goal of making affordable housing not just a necessity, but a priority for the well-being of the community.

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