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Construction begins on $25 million St. Pete affordable housing project


  • By Louis Llovio
  • | 1:15 p.m. June 6, 2023
  • | 2 Free Articles Remaining!
Blue Sky Communities is building a senior living community on 64th Street South with the help of about $6.7 million from the city of St. Petersburg.
Blue Sky Communities is building a senior living community on 64th Street South with the help of about $6.7 million from the city of St. Petersburg.
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Construction has begun on an 85-unit affordable housing development for seniors in St. Petersburg.

Blue Sky Communities held a ceremonial groundbreaking on the site of the $25 million project Monday. The complex at 635 64th St. S. is expected to be complete late next year. It will be known as Bear Creek Commons.

The St. Petersburg affordable housing developer says the four-story building will have 47 one-bedroom, one-bath units and 38 two-bedroom, two bath units. Apartments will be reserved for those who meet area median income requirements. Five units are for those with 22% of the AMI, 13 units for those with 30% of the AMI, 48 units for those with 60% of the AMI and 19 units for those with 80% of the AMI.

In addition to amenities like a fitness room and outdoor recreation space, the property will have adult literacy programs, 24-hour assistance for urgent issues and check-in program.

Carteret Management will manage the building.

Bear Creek is being built with the about $6.6 million from the city. Blue Sky is also working with the Florida Housing Finance Corp., the Housing Finance Authority of Pinellas County and Raymond James Housing Investments on the project.

Blue Sky, which was founded in 2012 and has completed more than 20 affordable housing complexes, is experienced in finding funding sources for these types of projects whether it public funds, private funds, grants, credits or a combination.

In addition to building Bear Creek, Blue Sky has several projects in the works around the area. That includes building 66 units at what will be the second phase of SkyWay Lofts on 34th Street South in the city.

 

author

Louis Llovio

Louis Llovio is the commercial real estate editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

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