{"id":118530,"date":"2026-01-15T00:13:18","date_gmt":"2026-01-15T00:13:18","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/118530\/"},"modified":"2026-01-15T00:13:18","modified_gmt":"2026-01-15T00:13:18","slug":"st-pete-complex-with-305-rents-welcomes-residents","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/118530\/","title":{"rendered":"St. Pete complex with $305 rents welcomes residents"},"content":{"rendered":"

The second phase of an affordable housing community in St. Petersburg\u2019s rapidly evolving Skyway Marina District is now welcoming residents. Some will pay just over $300 monthly for rent.<\/p>\n

Public and private stakeholders celebrated the completion<\/a> of SkyWay Lofts II with a ribbon-cutting ceremony Tuesday. The $25 million addition offers 66 income-restricted apartments, at 3900 34th Street S.<\/p>\n

Blue Sky Communities completed the first phase<\/a> in March 2022. The St. Petersburg-based affordable housing developer now provides 131 units at the site for households earning between 22% and 80% of the area median income (AMI).<\/p>\n

\u201cThis is an important moment for our city,\u201d said Mayor Ken Welch. \u201cIt reflects the power of partnership, vision and intentional focus on the critical issue of truly affordable housing.\u201d<\/p>\n

In St. Petersburg, 22% of the AMI is $16,060 for one person. That resident would pay $305 per month at SkyWay Lofts II.<\/p>\n

Monthly rents for the development\u2019s 33 one-bedroom apartments gradually increase to $461 (30% AMI), $1,048 (60% AMI) and $1,439 (80% AMI). Most new affordable housing projects fall under the latter category due to soaring property and construction costs.<\/p>\n

\u201cBetween 22% and 80% of the area median income \u2013 those are folks making $6.50 an hour to $22 an hour,\u201d Welch noted. \u201cSo, that is real affordable housing, right here in the midst of all this market-rate development. That we\u2019re proud to have.\u201d<\/p>\n

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An aerial view of SkyWay Lofts II. Photo provided.<\/p>\n

The four-story, mid-rise community features a state-of-the-art fitness center, a library with computer stations, a club room and an outdoor play area. Welch called the building \u201cthoughtfully designed to meet real needs.\u201d<\/p>\n

\u201cThat\u2019s why I love working with Blue Sky<\/a>,\u201d he added. \u201cThese homes are supported by amenities that truly enhance the quality of life.\u201d<\/p>\n

The recently completed development is already at capacity. Welch said that underscores the importance of the city\u2019s investment.<\/p>\n

St. Petersburg contributed $6.5 million in pandemic-era American Rescue Plan Act (ARPA) funding to the project. Scott Macdonald, executive vice president of Blue Sky, noted that the city was \u201cat the forefront\u201d of dedicating that money to create affordable housing.<\/p>\n

\u201cAlmost $50 million, in fact,\u201d he added. \u201cAnd Blue Sky was fortunate enough to be entrusted with two awards<\/a>.\u201d<\/p>\n

Pinellas County allocated $3.4 million to the project and owns the land. That prevents the development from ever charging market-rate rents.<\/p>\n

City Council Chair Lisset Hanewicz said progress \u201chappens in phases.\u201d She also believes the area is fortunate to have Blue Sky \u201cin our community doing this meaningful work,\u201d and noted the homes will \u201cremain affordable for perpetuity.\u201d<\/p>\n

\u201cI have to emphasize that,\u201d Hanewicz said. \u201cPerpetuity \u2013 it means forever, a very long time. That permanence matters because public dollars are best invested in solutions that are built to last.\u201d<\/p>\n

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Mayor Ken Welch explores the fitness center at SkyWay Lofts II. Photo by Mark Parker.<\/p>\n

Macdonald called the project \u201ctruly a public-private partnership \u2013 all the way from the federal level down to the city level.\u201d The Pinellas County Housing Authority issued $13.75 million in construction bonds for SkyWay Lofts II through a private placement with TD Bank.<\/p>\n

Blue Sky also received $2.15 million in state financing and leveraged approximately $10.9 million in 4% tax credit equity from Raymond James Affordable Housing Investments. The St. Petersburg-based firm\u2019s bank provided a $2.2 million loan.<\/p>\n

Commissioner Rene Flowers acknowledged that 66 additional affordable homes \u201cdoes not put a significant dent in the needs of our community.\u201d However, she said stakeholders are \u201cwell on our way\u201d and working \u201cextremely hard to put a roof over the heads of those who not only want one, but deserve one.\u201d<\/p>\n

Flower noted that Pinellas municipalities and agencies are \u201cpooling resources<\/a>\u201d to create affordable housing rather than fighting over projects and land. She said those efforts are helping people remain in the place \u201cwhere they grew up.\u201d<\/p>\n

SkyWay Lofts II caters to people who rely on Social Security and families who receive government assistance despite often working full-time jobs, Flowers said. \u201cI am forever and eternally grateful for the residents of Pinellas County who thought it was not robbery years ago to vote for the Penny for Pinellas (tax).\u201d<\/p>\n

\u201cWe are doing exactly what we said we would do with your tax dollars,\u201d Flowers continued. \u201cAnd that\u2019s important, especially at a time when individuals are looking for elected officials to keep their word.\u201d<\/p>\n

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