St. Pete gives affordable housing developer $10.5M for projects

Blue Sky Communities will build 151 affordable housing units after the St. Petersburg City Council approved $10.5 million in funding for two projects in the city.

The city is giving Blue Sky, an affordable housing developer, $4 million for an 85-unit senior living community at 64th Street South that will be called Bear Creek Commons. And it will give $6.5 million for 66 units that will make up the second phase of SkyWay Lofts on 34th Street South.

The money from the city is a big help, but just a portion of the cost to build the properties. The cost of the SkyWay Lofts project is $22 million, and the Bear Creek Commons project will cost $26 million.