Washington-based Gravel Road Partners is moving forward with Bayou Court Apartments, a workforce housing/affordable housing development in South St. Petersburg.
The complex will comprise just 60 two-bedroom units, averaging 1,050 square feet each. The Tampa Bay Business Journal reports that the homes will be spread across multiple three-story buildings. Residency for Bayou Court Apartments is reserved for those making at or below 50 percent to 120 percent of the area median income.
The two-acre site will offer 60 units.
Information from the U.S. Census reports that the average household in St. Pete makes about $70,333 a year. So, to qualify, a three-person household would have to make between $39,150 to $93,960 a year. The venture’s estimated to cost $17.3 million to complete.
The City of St. Petersburg offered $2.74 million, while the remaining funds came from a bank loan, developer and investor equity, and Pinellas County. Construction could start in February 2024 and end the following year in May 2025.
The venture has replaced a cathedral.
Our sources indicate that the two-acre build site was once home to The Old Landmark Cathedral of God. Developer Gravel Road Partners purchased the site for $1.7 million in 2022. Bayou Court Apartments will soon start construction at 4201 6th Street South, St. Petersburg, FL, 33705, in Pinellas County.
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