Houston developer wants to turn St. Pete strip center into housing
By Breanne Williams
Tampa Bay Business Journal
Published: Apr 25, 2024

A Houston real estate developer has filed plans to transform a retail plaza in St. Petersburg into 304 apartments under Florida’s Live Local Act.

The Hanover Co. submitted plans to build 196 one-bedroom units and 108 two-bedroom units on the 7.27-acre site at 3100 22nd Ave. N. JB Factory Flooring and Studio Physique currently occupy the property. All of the units will be designated for those making 120% or less of the area median income.

The property is owned by ZSPR PropCo of Tampa LLC and is under contract for purchase by Hanover.

The Live Local Act became law in 2023 and is meant to incentivize developers to build affordable and workforce housing units. The law circumvents the local development process for properties that are zoned for commercial use. To qualify, projects must have a minimum of 40% of their units set aside as affordable or workforce housing. As a result, Hanover's project will be handled administratively versus a public rezoning hearing in front of city council.

Plans show the units will be built in four four-story apartment buildings. There will be nearly 450 parking spaces and bicycle parking. The property will also have a leasing office and clubhouse and multiple garages. Amenities at the complex include a pool, fitness center and a dog run.

St. Petersburg was one of the first cities in Florida to begin working on creating a pathway for developers to pitch projects under the new law. While several developers have discussed their interest in using the Live Local Act over the past year this is the first project to formally be submitted to the city under the new law.