Done Deals: Affordable housing nears completion, John's Pass density increase passes, Biotech hub to open
/Done Deals is a weekly column by St. Pete Rising spotlighting recent real estate market insight and significant deals happening in the Sunshine City and beyond. The following information is sourced from public records and trusted intel.
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St. Pete apartments for homeless and disabled residents nears completion
The Whispering Pines apartment complex that’s underway in south st. petersburg | Boley centers
Local not-for-profit organization Boley Centers Inc., which provides assistance and housing to those with mental disabilities and financial difficulties, will soon open a new affordable housing complex in south St. Pete.
According to a Facebook post from the group, construction is nearly complete on Whispering Pines, a 20-unit affordable housing project at 2655 54th Avenue South.
The permanent housing, a mixture of one-, two-, and three-bedroom units will provide homes to special needs families earning less than 60% of the Area Median Income.
Boley Centers is reserving 80% of the units for people who have experienced homelessness.
In 2022, Boley Centers opened the 21-unit Evergreen Village apartment complex at 6641 62nd Avenue North in Pinellas Park, and Butterfly Grove, another 20-unit affordable housing development at 506 Grove Street in St. Petersburg.
Pinellas County has financially supported the Boley Centers' projects with federal and state funds from the HOME Investment Partnerships Program, and Florida Housing Finance Corporation, among other incentive programs.
Two St. Petersburg apartment communities hit the market
The pool at osprey pointe apartment homes | facebook image
Two multi-family properties totaling 757 units in St. Petersburg are on the market.
Tampa-based commercial real estate brokerage firm Franklin Street has listed the combined properties at 1900 and 2128 54th Avenue South, which could be purchased separately or as a portfolio.
The Osprey Pointe Apartment Homes, located at 1900 54th Avenue South, offers one-, two- and three-bedroom units. The community was built in 1974.
The neighboring Enclave at Sabal Pointe, constructed in 1971, also offers one-to-three-bedroom units averaging 1,000 square feet.
The monthly rental rates at the multi-building communities start above $1,200 and offer amenities such as a dog park, laundry facilities, pools, and fitness centers.
Franklin Street is accepting offers through March 6th.
Skyway Marina District self-storage site sells for over $12 million
The cubesmart self-storage facility in st. petersburg’s skyway marina district that was completed last year | google maps
The newly completed CubeSmart self-storage facility in St. Petersburg's Skyway Marina District has sold in a $12.375 million deal.
An LLC connected to Texas-based HPI Real Estate Services & Investments purchased the 95,400-square-foot center at 4017 34th Street South, adjacent to The Addison Skyway Marina apartment community.
The full-service commercial real estate firm typically invests in urban infill office buildings and logistic centers.
The acquisition comes less than a month after HPI announced it purchased a 77,500-square-foot, 829-unit storage center in Englewood and a 75,100-square-foot, 790-unit storage facility in Port Orange, which are both managed by Extra Space Storage.
Biotech innovation hub to open in St. Pete
The development team installed hexagon-designed ceiling lighting in the new colab hause building | Interstruct
Entrepreneur David Yazdi, who owns and operates several biomedical ventures, is launching a scientific incubator in St. Petersburg.
In working with a development team, Yazdi converted the 1984 manufacturing building at 12000 28th Street North into CoLab Haus - a new collaborative space for early-stage life science startups.
Yazdi purchased the 32,000-square-foot building in 2022 for $4.6 million.
Florida-based design-build firm Interstruct installed new lights, polished concrete floors, and added a single-level elevator cab and two steel staircases.
Jacksonville-based architect firm RS&H and Massachusetts-based civil engineering firm VHB were on the design team.
The adaptive reuse project includes a shared kitchen, laboratories, and co-working spaces.
According to a LinkedIn post, the industrial-chic building will also serve as the flagship distribution center for Filtrous, one of Yazdi's ventures specializing in chemicals and equipment for analytical and microbiology laboratories.
Filtrous has offices in California and Texas.
Commissioners support John's Pass density increase
An aerial photo of madeira beach and the john’s pass fishing village | city of madeira beach
John's Pass Village, one the Pinellas County's most popular waterfront tourist destinations, may see a boost in allowable density.
Earlier this week, in a 6-1 vote, Pinellas County commissioners approved designating the 27-acre fishing village as an “activity center” to allow higher density in the area, which boasts over 100 shops and restaurants.
Commissioner Janet Long cast the sole opposing vote.
"It is already densely built out. These folks on the barrier islands are some of the most vulnerable in our entire county," Long said during the Tuesday, February 20th meeting.
Rodney Chatman, the planning division manager with Forward Pinellas, said the area currently averages 16 residential units per acre and 51 temporary lodging units.
The activity center would allow 60 residential and 100 lodging units per acre.
The proposed designation has been long debated since 2008 when the city amended its plan restricting the reconstruction of many buildings in John's Pass following the event of a natural disaster.
Residents drew concerns over developers potentially taking advantage of the new density and jeopardizing the area's character; however, Chatman said the changes are necessary for Madeira Beach to align with county rules on development standards.
The proposed activity center designation must go before the City of Madeira Beach’s city council for final approval. The item is expected to be heard in March.
