City council approved an additional $617,000 in incentives from the Community Redevelopment Area fund for an affordable housing redevelopment loan program with Exact Shell Dash, LLC to develop 10 single-family homes located at 12th Avenue and 16th Street South, bringing the total incentive to $1.075 million.
ST. PETERSBURG — Earlier this month, excited families were given the keys to their new homes in a new affordable apartment community located in downtown St. Pete.
Residents were able to start moving into the Delmar 745 project March 9.
Additionally, city council approved an additional $617,000 in incentives from the Community Redevelopment Area fund for an affordable housing redevelopment loan program with Exact Shell Dash, LLC to develop 10 single-family homes located at 12th Avenue and 16th Street South, bringing the total incentive to $1.075 million.
Home sales of the new properties will be targeted to households earning at or below 80 percent AMI with a sales price reduced from $239,000 to $219,000 and an extended affordability period from 15 years to 30 years.
The maximum qualifying household income for homes in the project is $59,040 for a family of four.
Further, Pinellas County Commissioners approved opening $18 million from its portion of Emergency Rental Assistance funds for St. Petersburg residents. The move came after St. Pete officials sought more funding for rental assistance after distributing nearly all its $14 million allocations.
The Delmar 745 project was overseen by mixed-income developer McCormack Baron Salazar at the property located at 745 Delmar Terrace S.
The community is a newly constructed 12-story, 65-unit apartment community affordable to working individuals and families.
Rent is targeted to 30 percent AMI for 33 units and 60 percent AMI for 32 units. Rents will range from as low as $200 per month for one-bedroom units to as much as $600 for two-bedroom units.
Half of the units (33) are targeted for individuals and families who are formerly homeless.
McCormack Baron Salazar partnered with Boley Centers to provide on-site services for those individuals.
“This project is a perfect example of affordable housing progress. With units targeted toward working-class families and the formerly un-housed, this project truly provides opportunity to those who need it most,” said Mayor Ken Welch. “I’m also pleased to open the doors to new affordable housing right in our city’s downtown area, where residents can live, work and play without having to navigate burdensome commutes.”
The complex includes 22 one-bedroom and 43 two-bedroom units.
The walkable community is convenient to transit connections and at the center of urban life in St. Petersburg, where residents can work and play just minutes from where they live.
The complex was built to market-rate standards with stylish floor plans and several amenities, including:
- Private and secure parking for residents
- Secure bicycle storage so residents can take advantage of alternative transportation
- Energy-efficient appliances
- On site common areas
- Resident management and leasing offices
- Laundry room, fitness center, and computer room
- Many apartments have water views and views of Tropicana Field
Financial support for the project came from the Florida Housing Finance Corporation, Pinellas County, City of St. Petersburg, Housing Finance Authority of Pinellas County, private equity from US Bancorp Community Development Corporation, and private debt from US Bank.
“Delmar 745 is a shining example of what affordable housing for working families should be: stylish finishes, modern amenities, private and secure parking, bike storage, community space, and a fitness center,” said Richard Baron, co-founder, and chairman of McCormack Baron Salazar. “Sixty-five families, of which 33 are formerly homeless, can now call Delmar 745 home!”