330-unit apartment development planned for 6th Street in south St. Pete
Stoneweg has proposed a 330-unit multifamily development located on 6th Street South in south St. Petersburg. Rendering by Bold Line Design.
A development proposed for 6th Street South could bring a new mixed-income residential community with a workforce housing component to south St. Petersburg. Stoneweg US, an investment firm specializing in multifamily acquisitions and developments, which is based in downtown St. Pete, has initiated a rezoning request for the property at 3049 6th Street South, just east of Lake Maggiore.
Stoneweg US’s Lake Maggiore apartment project is one of the largest ground-up multifamily development projects proposed for south St. Petersburg in decades – marking a turning point for the area.
Stoneweg US purchased the 14.6-acre site, which was previously home to the Bay and Lakeview Mobile Home Parks, in April for $6.4 million. The mobile home parks were gradually closed and cleared between 2006 and 2013 and remain vacant.
A preliminary site plan of Stoneweg’s proposed development.
Stoneweg US, hopes to rezone 11 of the 14.6 acres to redevelop the site into a mixed-income apartment property. If the request is approved, plans call for up to 330 units with at least 100 units of workforce housing. The workforce units would cater to households making between 80% to 120% of Area Median Income (AMI). Stoneweg US has applied to the Pinellas County’s Penny for Pinellas Affordable Housing Program for funding assistance to construct the workforce units.
A preliminary site plan for the development indicates the project would have nine residential buildings varying between two and four stories. Along 6th Street South would be two two-story townhome-style buildings with seven units each. At the center of the project would be a larger four-story building with 136 units, which would be flanked by six three-story buildings.
Surface parking would be provided for 309 vehicles – exceeding the 192 spaces required.
The property is located at 3049 6th Street South, just east of Lake Maggiore.
In addition to the residential buildings, a leasing office and resident clubhouse with swimming pool would also be built. The community would also feature a mailroom and community event space. Community greenspace is also proposed, including a dog park and community gardens planned for the west side of the property.
“We are excited to bring new market-rate and workforce housing options to south St. Petersburg,” says Sharmane Bailey, Associate Director of Corporate Communications at Stoneweg US. “Our communities are designed to appeal to a wide cross-section of people and we always keep sustainability top of mind, with features like community gardens.”
The property will also utilize sustainable practices like having Energy Star appliances, utilizing hydroponic landscaping, and installing efficient water fixtures.
The site was previously home to the Bay and Lakeview Mobile Home Parks which were gradually closed and cleared between 2006 and 2013 and remain vacant to this day.
“We have a strong growth strategy for the next five years and will continue to pursue opportunities in emerging markets around the country. However, you can’t talk about emerging markets without mentioning Tampa Bay or St. Petersburg,” says Bailey. “Our corporate office headquarters is right here in downtown St. Pete, so it’s important that we contribute to the success of our area in any way we can.”
To facilitate Stoneweg US’s planned project at Lake Maggiore, the firm is requesting a rezoning to Neighborhood Suburban Multifamily-2 (NSM-2). Currently the site is partially zoned Corridor Commercial Traditional-1 (CCT-1) and Neighborhood Suburban Multifamily-1 (NSM-1).
NSM-1 zoning allows for 15 residential dwelling units per acre while the proposed NSM-2 zoning allows for 24 units per acre. To achieve the proposed 330 units for the project, Stoneweg US would also utilize the City’s Workforce Housing Density bonus of 6 units per acre for a total density of 30 units per acre.
The development is located just east of Lake Maggiore, a 362-acre lake in south St. Petersburg.
The rezoning application is being requested concurrently with a Future Land Use Map amendment to change the land from Residential Medium (RM) to Residential High (RH). City staff recommends approval of the requests.
The requests went before the Community Planning and Preservation Commission (CPPC) on Tuesday and were approved. Next, the request will be heard by the St. Pete City Council in November and December and will ultimately need approval by both Forward Pinellas and the Board of County Commissioners.
Bold Line Design is the architect, Craig Taraszki of Johnson Pope is the land use attorney for the project, and B2 Communications is working with Stoneweg US on public relations initiatives.
Assuming all goes as planned, Stoneweg US hopes to break ground on its Lake Maggiore apartment project in the second quarter of 2022.