A joint venture between Metro Development Group and Porter Development has broken ground on the first phase of Azalea Cay, which will include 341 apartments in St. Petersburg, Fla. The developers are planning three phases altogether for the community, which will ultimately include 1,056 units.
Azalea Cay, located at 1501 72nd Street North, is a mixed-income project. In the first phase, 51 units will be available to households earning at or below 80 percent of the area median income, while another 51 units will be available to households earning at or below 120 percent of the AMI. The remaining 239 apartments will be market rate.
Porter Development recently secured $63.5 million in financing for Azalea Cay. The project is being supported by $11.25 million in combined public investment. The city of St. Petersburg has provided an additional $6 million for the first phase, while Pinellas County committed $5.25 million in Penny for Pinellas affordable housing funds.
The developers have not yet specified common-area amenities for Azalea Cay. The project represents a revision of previous plans for a mixed-income community known as Azalea Gateway, which was proposed early in the 2020s and has since undergone a number of modifications.
