Plans are underway to rework a former St. Petersburg strip mall right into a mixed-use improvement with some rent-stabilized flats.
Native actual property funding agency Stoneweg bought the Coquina Key purchasing plaza, situated at 4350 Sixth St. S, for $7.3 million final 12 months.
In accordance with plans submitted to town, Stoneweg will construct 458 flats, 20% of which will probably be reserved for tenants who make between 80% and 120% of the world median earnings. That’s between $65,700 and $98,520 for a four-person family in Pinellas County.
Facilities will embrace a pool and a canine park. There can even be 21,000 sq. toes of retail area.
Kyle Parks, a spokesperson for Stoneweg, mentioned it’s utilizing personal funding sources to construct this challenge and won’t obtain authorities subsidies or tax credit. The developer will use town’s “Workforce Housing Density Bonus Program” so as to maximize the variety of allowed models.
“Our purpose with the redevelopment of Coquina Key’s to spark constructive change locally with out disrupting it,” mentioned Sharmane Bailey, Stoneweg’s affiliate director of company communications. “Our hope is to ship a high quality product that brings workforce housing to the group, helps small native companies, and encourages different builders and retailers to take a position on this space of St. Petersburg.”
Greater than 75 folks submitted public feedback to town in regards to the proposal. Some neighbors have criticized the challenge by way of an on-line petition.
One level of competition is the peak of the event, which is able to attain seven tales at its peak. Present zoning restrictions permit for a most of 4 tales. Stoneweg is asking town to alter the zoning accordingly.
Just one a part of one constructing will attain seven tales, in response to plans from the developer. Parks defined that the tallest portion of that constructing will probably be within the middle of the property in order that it doesn’t tower over the single-family houses close by.
Neighbors additionally raised issues in regards to the lack of a significant grocery retailer that might exchange the Save-a-Lot that when stood on the purchasing plaza. The purchasing middle additionally beforehand had a CVS pharmacy.
“This zoning change will permit Stoneweg to dramatically improve the inhabitants within the space, whereas concurrently dramatically decreasing the retail area wanted to service that inhabitants,” Walter Borden, president of the close by Bahama Shores Neighborhood affiliation, wrote in a public remark to town. “Closing the one grocery retailer within the space and never changing it leaves the group and their new tenants in a meals desert.”
Parks mentioned Stoneweg has reached out to greater than 15 grocery store chains however none has expressed curiosity in renting area on the property.
/cloudfront-us-east-1.images.arcpublishing.com/tbt/RGP65367YREWVNXN6JWDUDTIBI.jpg "Follow trends affecting the local economy")
Comply with tendencies affecting the native financial system
Subscribe to our free Enterprise by the Bay publication
We’ll break down the newest enterprise and shopper information and insights you want to know each Wednesday.
You’re all signed up!
Need extra of our free, weekly newsletters in your inbox? Let’s get began.
“We proceed to attempt to discover a smaller, native grocer to occupy one of many areas allotted for retail,” he mentioned in an e mail. “In whole, we’d prefer to safe an extra 6-7 distributors providing high quality provides and companies to the group.”
Stoneweg will current its proposal to the St. Petersburg Group Planning and Preservation Committee on Tuesday. The challenge should additionally obtain approval from the event assessment fee and the Metropolis Council.
If all goes as deliberate, development is anticipated to start this fall.
