Florida Construction News staff writer
St. Petersburg broke ground on Fairfield Avenue Apartments this month, a 264-unit affordable and workforce housing development near the city’s Warehouse Arts District, marking what leaders call a major step in expanding housing options across a range of income levels.
The general contractor is KAST Construction.
First proposed in early 2022, the project made local history when St. Petersburg became the first city in Florida to approve an affordable housing development under 2021 state legislation allowing residential projects on industrially zoned land. City officials say the development has since become a model for unlocking industrial sites for housing.
Construction is expected to continue through mid- to late 2028.
“Once again, St. Pete is leading the way in implementing innovative, affordable housing solutions,” Mayor Kenneth T. Welch said in a statement. “We are proud to be the first city in the state to approve affordable housing development on industrially zoned land and we are even more proud that this is our largest affordable housing project to date.”
The development is being built on a 6.9-acre site at 3300 Fairfield Ave. S., formerly home to Tibbetts Lumber Co., a family business founded in the 1970s. The property was acquired for about $6.2 million by Fairfield Avenue Apartments LLC, an entity affiliated with St. Petersburg-based HP Capital Group and former state Sen. Jeff Brandes.
Nick Hansen, a partner with HP Capital Group, said the project reflects a partnership between the public and private sectors to create long-term affordable housing.
The $94.2 million development is financed through a mix of public and private sources, including $9.7 million from the South St. Petersburg Community Redevelopment Area, funding from Pinellas County, a U.S. Department of Housing and Urban Development 221(d)(4) construction loan and developer equity.
Pinellas County Commission Vice-Chair Chris Latvala said the county is committed to helping fill financial gaps for affordable housing projects to support workforce stability.
