\u201cWe signed the ground lease on this property 11 years ago,\u201d Sol explained to the Catalyst. \u201cIt was an old post office parking lot. That\u2019s what was here. It just takes a lot of time to get funding approved. The resources for affordable housing development are very, very competitive.\u201d\u00a0<\/p>\n
The adjacent Burlington Post I began to welcome residents in 2018.<\/p>\n
\u201cEventually, the city and county stepped up with some of their own funding,\u201d he continued. \u201cWe were able to do a different financing package basically that didn\u2019t rely on competitive funding allocation from the state. We were basically able to do it with local dollars and low-income housing tax credits.\u201d\u00a0<\/p>\n
The City of St. Petersburg contributed approximately $5.8 million to the project. Pinellas County provided $3.75 million. Additionally, the Housing Finance Authority of Pinellas County issued $16 million of tax-exempt housing revenue bonds, among other funding providers.<\/p>\n
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The exterior of the Burlington Post II building.<\/p>\n
Building Burlington Post II was a complicated endeavor.\u00a0<\/p>\n
\u201cIt was a rather tight sight,\u201d Rosenstein explained. \u201cSo, we had to work closely with the City to make sure that it was actually developable and feasible to build from a construction and development perspective. Laying all of the various financing sources was a major challenge and it created legal complexities and underwriting complexities.\u201d\u00a0<\/p>\n
Sol said that Burlington Post II features a fitness center, community outdoor space, a game room and 24\/7 security, among other amenities.\u00a0<\/p>\n
\u201cThis is our third community in St. Pete,\u201d Rosenstein added. \u201cThis is our fifth in the region and we\u2019re not done. We\u2019re hoping to build more.\u201d\u00a0<\/p>\n
St. Petersburg City Council chair Lisset Hanewicz emphasized the impact of the project at the gathering. She explained that it has become \u201cmuch more difficult\u201d for many older adults in the bay area and in the country to find a \u201csafe and affordable place to call home.\u201d\u00a0<\/p>\n
\u201cDevelopments like this matter to our community,\u201d Hanewicz said. \u201cIt\u2019s an opportunity for seniors to live with dignity and stay connected with their community and enjoy the quality of life that they\u2019ve earned.\u201d\u00a0<\/p>\n
\u201cTo move into a place where you don\u2019t have to worry about making a choice between medications and food and your rent is awesome,\u201d Pinellas County Commissioner Ren\u00e9 Flowers added. \u201cAnd that\u2019s what this project does.\u201d\u00a0<\/p>\n
Burlington Post II resident Robyn Bryan also spoke at the grand opening ceremony.\u00a0<\/p>\n
\u201cI\u2019m so grateful for the affordable housing because it just came at the perfect time,\u201d she said. \u201cI get to stay in the community. I\u2019m very happy about that.\u201d\u00a0<\/p>\n