Construction will soon begin on a new multi-unit apartment building with retail space at 357 5th Street South in downtown St. Pete. The project will have minimal parking as a result of recent changes to development regulations.

The five-story, $5 million project, developed by 357 5th Street South LLC and designed by Place Architecture, will consist of 25 residential units, including three studio units and 22 one-bedroom units that range in size from 597 to 738 square feet, as well as a rooftop terrace and 727 square feet of retail space on the first floor.

LEMA Construction, a St. Pete-based general contractor who has become a market leader for infill projects like 357 Apartments, will build the project. 

Notably, unlike many other new apartment properties downtown, there will be no pool, gym, or similar amenities on site at the 357 Apartments. Developer Brad Campbell’s goal is to create a high-quality, comparably more affordable place to live. 

“I’ve lived in condos for many years of my life, I’ve never used the amenities, and I’ve always parked on the street. This is something for locals who can walk to work or work from home,” says Campbell. “It’s a really nice building with nice units, so hopefully it will bring a better price point to rented properties, since it won’t cost as much as the other new places that have fancy pools and a fancy lobby.”

In addition to being just a few blocks away from Central Avenue, the building is close to the waterfront, hospitals, and downtown. Walk Score calls the location a “Walker’s Paradise,” awarding it a Walk Score of 91 while noting that daily errands do not require a car. 

“It’s a very walkable location,” emphasized Campbell. “My vision is for people to pay a few hundred dollars less a month in rent, and use the savings to go out to eat, purchase a gym membership, or take an Uber to work or wherever they need to go.”

The property will include bike parking on site, but there will be no traditional parking lot or garage as a result of changes to the City’s Land Development Regulations and Comprehensive Plan that lessened the mandatory minimum parking requirements for multifamily developments in an effort to address affordable housing concerns. 

“Housing affordability and neighborhood walkability is a top priority for me. To accomplish that will mean we have to do things differently,” says Darden Rice, St. Pete City Council Member from District 4, who recently announced her candidacy for mayor. “Allowing builders to develop apartments with slightly smaller units with no or limited parking allows us to bring affordable options to those who choose to live without a car because they prefer to use other options such as transit, biking, rideshare, walking, or scooters. Why make those tenants pay more for rent because the cost includes parking spaces they will never use?”

Previously, St. Pete required that multifamily units downtown include one parking space per unit. Now, thanks to new regulations passed in September of 2019, no parking spaces are required for units under 750 square feet. For urban developments, the construction of designated parking often makes up 10-15% of the project costs, translating to higher rents for building occupants. Since all units at the 357 Apartments will be under 750 square feet, parking is not required, resulting in a more affordable rental rate.

The 357 Apartments will replace a three-story, six-unit apartment building that stood on the site previously. That property was recently demolished. 

LEMA is slated to begin construction within the next few weeks and the aim is to complete the project by the end of 2021.