Construction Begins On 1,000-Unit St. Pete Apartment Community

ST. PETERSBURG, FL — Construction is underway on a new 341-unit apartment community at the former Raytheon property in north St. Petersburg, including 102 apartments designated for households earning below certain income thresholds, a news release said.

Metro Development Group and Porter Development broke ground Monday on Azalea Cay, located at 1501 72nd St. N.

Azalea Cay is the first of three phases that will include about 1,000 apartments when fully built out, the news release said.

Phase One of the project represents an approximately $109.8 million investment. It will include 51 apartments for households earning at or below 80 percent of the area median income, another 51 for households earning at or below 120 percent of the area median income, and 239 market-rate apartments.

The project is receiving $11.25 million in public investment. The city of St. Petersburg contributed $6 million toward Phase One, while Pinellas County committed $5.25 million in Penny for Pinellas affordable housing funds.

“Azalea Cay demonstrates what is possible when the public and private sectors work together toward a shared goal,” Kartik Goyani, principal of Metro Development Group, said in a statement. “The support of the city of St. Petersburg and Pinellas County has helped make it possible to move this important project forward. Together, we are creating more housing choices while bringing new life and long-term value to this property.”

Les Porter, president of Porter Development, said the project required coordination between public officials, developers and other partners.

“From the beginning, our focus has been on bringing the right public and private partners to the table and building a path forward for this important property,” he said in a statement. “Today’s groundbreaking reflects what can happen when everyone works together with a common vision for the community.”

St. Petersburg Mayor Ken Welch, Pinellas County commissioners Brian Scott, Rene Flowers and Kathleen Peters, and St. Pete City Council member Copley Gerdes, as well as other community leaders and project partners, attended Monday’s groundbreaking ceremony.

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