“They were struggling to find housing for employees, many of whom were being forced to live across the bridge. As our family considered what to do with this property, it became clear how rare and important this opportunity was. Seven acres, minutes from downtown, on the Pinellas Trail, next to Gibbs High School. It was a unicorn.”
HP Capital, which also developed the 18-story Reflection condominium tower on Mirror Lake, partnered with Brandes to advance the project.
“I think this project died three times [due to financing hurdles and regulatory complexity],” Cappelli said.
“But when you have a unicorn, you grab it by the tail, and you do not let go.”
The unit mix will include 74 one-bedroom units, 162 two-bedroom units, and 28 three-bedroom units. Of those, 53 units will be reserved for households earning at or below 50% AMI, 67 units for households earning up to 80% AMI, and 144 units for households earning up to 120% AMI.
Amenities will include a community building with a pool, meeting and conference rooms, computer labs, a bike corral and repair workshop, green spaces with picnic and barbecue pavilions, playgrounds, and extensive bicycle parking.