HP Capital Group has plans to demolish industrial buildings on a newly acquired seven-acre property and in its place build an affordable housing development. The Tampa Bay Business Journal reports that Fairfield Apartments will offer 264 affordable housing units.
Sources indicate that 144 will be for those earning at or below 120 percent of the area median income (AMI). Sixty-seven are reserved for those making at or below 80 percent, and 53 are for residents earning at or below 50 percent. Current data from the City of St. Petersburg reports that for a one-person household to qualify, they would have to earn at or below $33,450 a year.
The venture will replace a lumberyard that has since relocated. Image from Google Earth
St. Pete Rising notes that the 264 homes will be divided amongst three six-story buildings. In addition to the residences, Fairfield Apartments would offer 345 parking spots, averaging to about 1.31 spot per unit. There would also be 278 on-site spots for bicycles. Kast Construction is the general contractor. It’s still awaiting approval to start demolition on the build site. Ideally, this will start next month.
Fairfield Apartments has been in the works since 2022, and it hopes to meet St. Petersburg’s growing demand for affordable housing. Fairfield Apartments is slated for 3300 Fairfield Avenue South, St. Petersburg, FL, 33712, in Pinellas County. It will occupy the site of a former lumberyard.
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