Florida YIMBY has an update regarding a residential venture we covered just last week.
Our initial report shared that the proposed Azalea Cay would feature more than 1,000 residences upon completion, occupying the former site of the Raytheon site in St. Petersburg. Now, our sources have shared that construction has officially started on the first phase.
The first phase of Azalea Cay will host 341 residences, 102 of which would be designated as affordable and workforce housing. Of those apartments, 51 would be for households earning up to 80 percent of the AMI, while another 51 will be for households earning up to 120 percent of the AMI.
Image Multifamily Landscape Design Associates
The remaining 239 apartments will be market-rate units. Floorplans will span one-bedroom to three-bedroom units; the apartments would be divided among three buildings. Communal amenities include a clubhouse, fitness center, swimming pool, and pet spa, to name a few.
Multiple entities are working together to make Azalea Cay possible. They include Metro Development Group, Porter Development, and the City of St. Petersburg. The latter has invested $11.25 million to make the project possible. The first phase is anticipated to cost $109.8 million to complete.
Azalea Cay’s first phase is presently undergoing construction at 1501 72nd Street North, St. Petersburg, Florida, 33710, in Pinellas County.
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