An aging apartment building for seniors in St. Petersburg is slated for a major overhaul that will improve its common spaces, infrastructure, and windows. The Viridian, which was constructed in 1977, currently measures 11 stories and offers 188 units.
The St. Pete Catalyst notes that the site will receive a $73.2 million “facelift” that will improve the building’s longevity and enhance residents’ living space. As part of the renovation, the high-rise community will be renamed “Skye Isle Apartments”, and it will offer residency to elderly tenants earning at or below 60 percent of the area median income (AMI). According to HUD, a one-person household could earn no more than $40,140 annually to qualify.
Skye Isle Apartments’ redevelopment is anticipated to take 12 months to complete. The community’s current residents will be relocated to vacant apartments in the same building while sitework takes place. Hennessy Construction is the general contractor. Sage Partners LLC owns the building, having purchased it for $6.8 million in 2009.
Skye Isle Apartments isn’t the only evolving development for seniors in St. Petersburg. Last year, Florida YIMBY reported on Flats on 4th, an affordable housing development costing $37.5 million to complete. That project will measure four stories and offer 80 units. Residency would be reserved for those earning 40 to 60 percent of the AMI.
Skye Isle Apartments (formerly the Viridian) is located at 518 3rd Ave. S., St. Petersburg, FL, 33701, in Pinellas County.
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