Belleair previously planned to develop either multifamily housing or 200,000 square feet of industrial space on the site. However, surrounding neighbors strongly opposed both the industrial proposal and the multifamily complex, which had been presented as an affordable housing tax credit project. As a result of the opposition, neither development was approved.
The project was later proposed as a development compliant with the Live Local Act. The Live Local Act requires local governments to approve multifamily rental developments on sites zoned for mixed-use, commercial, or industrial uses, provided the developer sets aside at least 40% of the units for households earning at or below 120% of the area median income for a minimum of 30 years.
Groundbreaking on the development began in 2024. Construction is now nearing completion on the first phase of Caspia. Construction on the second phase is expected to begin later this year.
The development team expects to receive a certificate of occupancy (CO) for the first set of buildings in the coming weeks, allowing residents to begin moving in, Christian Yepes of BDG said in a conversation with St. Pete Rising.