St. Pete Catalyst; Published By: Mark Parker
Two long-awaited affordable housing projects totaling 305 units received an influx of new funding Thursday through Multifamily Housing Revenue Bonds.
Pinellas County Commissioners unanimously approved up to $12.5 million for St. Petersburg’s Bear Creek Commons and up to $28 million for five midrise buildings that will comprise the Oakhurst Trace apartments in Pinellas Park. The county’s Housing Finance Authority (HFA) will issue the tax-exempt bonds, and both developments received funding from other sources.
Bear Creek Commons will feature 85 affordable units for seniors along 64th Street South in St. Petersburg. Blue Sky Communities is developing the project at the former site of the Grace Connection Church.
Company president Shawn Wilson addressed the commission and noted the total cost is around $27 million. However, he explained how multiple partners are helping see the project to fruition.
“I’m very happy to say that there were no Pinellas County funds that were required to develop this community,” Wilson said. “In this case, we enjoy an allocation from the City of St. Petersburg, so I want to express my gratitude towards them.”
City officials did utilize their portion of Penny for Pinellas money to acquire the land. In addition, they committed $4 million in American Rescue Plan Act funding to Bear Creek last year. Read more
