Coquina Key Plaza redevelopment to bring workforce housing and retail to south St. Pete
/A new retail shopping center will be built on the southwest corner of the former Coquina Key Plaza. Deisgn elements are subject to change.
A new mixed-use development has been proposed for the former Coquina Key Plaza in south St. Pete. If approved, the project would bring hundreds of apartments, including much-needed income-restricted units, and new retail space to the neighborhood.
In March, St. Pete-based real estate company Stoneweg purchased the beleaguered Coquina Key Plaza located on 14.5 acres at 4350 6th Street South for $8.9 million.
In a recent interview with St. Pete Rising, Stoneweg laid out their proposal for the property. Plans call for the construction of four separate buildings containing a total of 458 apartments and 20,000 square feet of retail space.
The three parts of the community consist of the following:
One four-story residential building wrapped around a parking garage on the northwest corner of the property that steps up to a seven-story residential building surrounding a pool deck with lounge seating and cabanas
One three-story residential building wrapped around a parking garage on the southeast corner of the property that steps up to six stories
A commercial retail shopping center containing 20,000 square feet of retail space on the southwest corner of the property
A site plan for the redevelopment of the 14.5-acre Coquina Key Plaza at 4350 6th Street South in south St. Pete
Of the 458 apartments, 20% will be set aside for workforce housing targeted toward households making 80-120% of the Area Median Income (AMI). The remaining units will be rented at market rate. Stoneweg US is also developing Lake Maggiore Apartments, a 330-unit community, which is currently under construction less than a mile away that will also contain workforce housing.
“The lack of workforce housing continues to be a major problem in St. Pete right now,” said Sharmane Bailey, Associate Director, Corporate Communications at Stoneweg US. “Addressing the need for workforce housing is central to our corporate mission so providing sustainable solutions to the problem is extremely important to us- especially in our hometown.”
Unlike most projects that include an affordable or workforce housing component, this development is not seeking any public or municipal funding.
Resident amenities are expected to include a full-service clubhouse, first-class fitness center, swimming pool, expansive green space, and a dog park. As with all its developments, the community will incorporate sustainability best practices both in its design and in its unit amenities and will seek Green Globe Certification once construction is complete.
Stoneweg has proposed to contruct 458 apartments and 20,000 square feet of retail on the former Coquina Key Plaza site at the corner of 6th Street South and 45th Avenue South in St. Pete
The retail space can also be considered an amenity to the apartment residents as well as the entire Coquina Key neighborhood, where retail development has been stagnant for the last several years.
However, Stoneweg’s proposal is contentious with some community members expressing disappointment with the amount of retail allocated for the development. A petition has been started asking Stoneweg to increase the amount of retail space in order to facilitate a grocery store to replace a former Save-A-Lot which was previously located on the site.
“Most of the grocers we talked to have very strict site criteria in terms of the target demographics they’re looking for when they decide whether or not to pursue a new market,” says Charlie Boscarino, President of Retail Solutions Advisors, who, along with his team has led retail outreach on behalf of Stoneweg US.
“Traffic count around center, proximity to other locations, market presence, population density, and average median income are some of the more common requirements that this site was just not able to support to help move the needle in our favor,” added Boscarino.
To circumvent the challenges the company has faced in securing a major grocer, Stoneweg US has since taken to approaching smaller, local grocers to occupy one of the spaces designated for retail. Stoneweg US hopes to secure 6-7 additional vendors offering various goods and services in the remaining retail portion of the development that would also service the community.
In March, St. Pete-based real estate company Stoneweg purchased the beleaguered Coquina Key Plaza located on 14.5 acres at 4350 6th Street South for $8.9 million
Some residents have also objected to the development’s proposed maximum height of 75 feet.
“We’ve intentionally designed the community so that the highest peaked building is located towards the center of the property as opposed to being along the perimeter,” said Mark Rios, Director of Development for Stoneweg US. “It’s a little higher than other buildings in the area but it won’t obstruct the aesthetic of the community and is definitely not a high-rise.”
To build the proposed development, Stoneweg will need the City to rezone the land from Corridor Commercial Suburban (CCS-1) to Corridor Commercial Traditional (CCT-1).
Although the CCT-1 zoning district allows for buildings of 150 feet, the proposed development agreement between the City of St. Pete and Stoneweg would limit building heights on the property to 75 feet, which would allow the developer to build more units overall which translates to more workforce apartments.
“In light of some of the hurdles we faced in securing a major grocer, we viewed the upzoning as a prime opportunity to maximize density in a way that was pragmatic and effective for this community,” said Sam Palmer, EVP of Asset Management and Development for Stoneweg US.
In addition to redeveloping Coquina Key Plaza, Stoneweg is currently under construction on a 330-unit apartment community on lake Maggiore in south St. Pete
The project is expected to be heard before the Community Planning & Preservation Committee (CPPC) on August 9th.
If the CPPC approves the zoning change, the next step would be approval from St. Petersburg City Council.
“Our goal is to spark positive change in the community without disrupting it,” Bailey says. “Our hope is to deliver a unique and quality product that brings workforce housing to the community, supports small local businesses, and encourages other developers and retailers to invest in South St. Pete.”
Stoneweg hopes to break ground on the retail portion of Coquina Key later this year. The residential buildings would follow with a target groundbreaking of Q1 2023. Full construction is projected for completion in late 2024 or early 2025.
