Construction begins on 60-unit affordable housing project in south St. Pete
/THE PROPOSED BAYOU COURT APARTMENTS, A NEW THREE-STORY BUILDING FEATURING 60 TWO-BEDROOM APARTMENTS, ALL OF WHICH WILL BE SET ASIDE FOR LOW- AND MODERATE-INCOME HOUSEHOLDS | GRAVEL ROAD PARTNERS
Construction has begun on the Bayou Court Apartments, a new affordable housing development in south St. Pete. The new community is located near the southeast corner of Lake Maggiore at 4201 6th Street South.
Gravel Road Partners, a Washington D.C.-based workforce and affordable housing developer, acquired the 2-acre property in 2022 for $1.7 million.
Bayou Court Apartments will feature three three-story buildings comprising 60 two-bedroom apartments, each spanning approximately 1,050 square feet.
City and county leaders were on hand for a ceremonial groundbreaking | Pinellas coUNTY
City and county leaders were on hand for a ceremonial groundbreaking, including St. Petersburg Mayor Ken Welch, Pinellas County Commissioner Rene Flowers, and St. Petersburg City Council members Deborah Figgs-Sanders and Gina Driscoll.
“As a result of the impending housing crisis, Pinellas County sought to forge relationships with developers to create affordable units like Bayou Court. The future is made great when the County and surrounding municipalities combine their resources to work towards a common solution: safe, clean and affordable housing for our residents,” said Pinellas County Commissioner Rene Flowers.
The apartments will be allocated to accommodate different income levels:
12 units for households at 50% of area median income and below (currently $39,150 annually for a household of three)
9 units for households at 80% of area median income and below (currently $62,550 for a family of three)
15 units for households at 100% of area median income and below (currently $78,255 for a family of three)
24 units for households at 120% of area median income and below (currently $93,960 for a household of three)
Gravel Road Partners has pledged to prioritize applications from local municipal and public school employees. This initiative aligns with the proximity of Lakewood Elementary School, located directly north of the proposed apartment building.
BAYOU COURT APARTMENTS IS SET TO RISE NEAR THE SOUTHEAST CORNER OF LAKE MAGGIORE AT 4201 6TH STREET SOUTH. THE PROPERTY WAS FORMERLY HOME TO THE OLD LANDMARK CATHEDRAL OF GOD | GOOGLE MAPS
To facilitate the proposed density, the $17.3 million project will leverage the City’s Workforce Housing Density Bonus Program and the State of Florida Graywater Density Bonus Program.
Funding for the project includes a $2.7 million commitment from the City of St. Petersburg, an $8.6 million commercial bank construction loan, a $2.8 million contribution from Pinellas County, and $2.9 million in developer and investor equity.
The Bayou Court Apartments development team, led by Gravel Road Partners, includes St. Pete-based Place Architecture, Park & Eleazor Construction, Osborn Civil Engineering, WGI Structural Engineering, and Carteret Property Management.
Completion on the Bayou Court Apartments is expected in mid-2025.
