93-acre development on former Jabil property receives amendment to allow for expedited housing
By Breanne Williams
Tampa Bay Business Journal
Published: Oct 20, 2023

St. Petersburg City Council has amended a development agreement for the 93-acre former Jabil property after construction delays due to “adverse subsurface soil conditions” would have caused more than 400 housing units to sit empty for a year.

Greystar Development, a subsidiary of South Carolina-based Greystar Real Estate Partners, is building an industrial park on 75 acres and a multifamily housing community on 18 acres along the northeast corner of Gandy Boulevard and the Interstate 275 interchange.

Part of the development agreement for the site required Greystar to build a minimum of 200,000 square feet of industrial “prior to or concurrently” to the multifamily aspects of the development and to dedicate at least 20% of the housing units to workforce housing.

In July 2022, development began on 412 multifamily dwelling units, which includes 83 workforce housing units, and 290,000 square feet of industrial buildings. The multifamily portion is expected to be completed and ready for occupancy by the end of the year.

However, during construction of the industrial portion, Greystar discovered “adverse subsurface soil conditions” on the site. As a result, construction on two of the three industrial buildings was delayed. The developer said it can complete two of the three buildings — which totals 143,000 square feet — before it completes the multifamily units.

A 147,000-square-foot building is estimated to be delivered in late 2024 or early 2025, which means the housing units would sit empty until it was complete.

The developer asked the city to modify the timing requirements for the completion of the industrial portion of the site. In exchange, the amended agreement would have a 45% increase in the overall required industrial square footage to be built.

The Community Planning and Preservation Commission met on Sept. 12 to discuss the proposed amendment and recommended council approve the change. Council unanimously agreed to amend the development agreement to allow for the housing to open as long as the 143,000 square feet of industrial space is complete.

“The existing scenario of allowing 412 multifamily dwellings, including 83 workforce housing units, sitting empty for approximately one year, is contrary to the public interest, results in an unreasonable use of the property and would cause significant unnecessary financial penalty to the developer,” the report read.

JLL was selected in March 2022 to lease the business park and has sought tenants needing industrial space ranging from 20,000 to 150,000 square feet. The industrial portion of the development is expected to result in a minimum of 3,300 new jobs, according to city documents.