Gravel Road Partners has positioned itself as a specialist in workforce and attainable housing, with Sixty90 representing its largest local commitment to date.
The apartments will average 1,022 square feet and feature vinyl plank flooring, private balconies or patios, energy-efficient appliances, and in-unit washers and dryers.
The building will wrap a concrete parking structure with 271 vehicle spaces and include 218 bicycle parking spaces.
Approximately 5,000 square feet of ground-floor commercial space will front Central Avenue alongside a leasing office. Planned amenities include a clubhouse, pool with lounge areas, fitness center, pet run, and co-working space.
“There’s a strong desire to incorporate a childcare or daycare component in this project,” Toepke said. “We think that would be a huge asset for residents, especially families.” The Gravel Road team is actively seeking an operating partner to help bring this vision to reality.
The project is estimated to cost approximately $67.2 million.
Valley Bank provided construction financing on Gravel Road’s first ground-up development in St. Pete and has committed to being their construction lender again in the amount of approximately $40 million. The project will also include approximately $15 million in developer equity.