Greystar will demolish the existing buildings and develop Birchway Bayside, a 376-unit apartment community spanning 19 buildings with a mix of apartments and townhomes.
The group had been under contract to purchase the site for nearly a year.
The planned community will have green space with gravel paths, gardens, sports areas, two dog parks, playgrounds, a potential putting green, a pool with an accompanying clubhouse, a shaded hammock area, and a walking trail along a large stormwater pond.
The community will contain 693 parking spaces, mostly surface parking, along with a handful of covered spaces and two-car garages for townhome residents.
Of the 376 planned apartments at Birchway Bayside, 151 will be set aside as income-restricted affordable housing. The remaining units will be offered at market rates.
The affordable housing component is a requirement under Florida’s Live Local Act (LLA), a statewide law passed in 2023 that is designed to expand affordable and workforce housing options.