Redevelopment of former Raytheon site in St. Pete seeks city/county funding
By Breanne Williams
Tampa Bay Business Journal
Published: Jul 3, 2024

The development team behind the massive redevelopment of the former Raytheon property in St. Petersburg is seeking a combined $14.8 million in funding from St. Pete and Pinellas County.

The 29-acre site in west St. Petersburg is being developed by Clearwater-based Porter Development LLC, the landowner, and partners Metro Development Group and Falcone Group. The site will be developed in multiple phases and, when complete, will include 1,000 units, 300 of which will be workforce and affordable housing.

Of the 300 affordable units, roughly 150 apartments will be for those making 80% of the area median income.

The development team is requesting $4.9 million from St. Pete and $9.9 million from Pinellas County’s Penny for Pinellas funds for phase one of the project. If the contributions are approved, the project, called Azalea Gateway, will be one of the largest public-private housing projects in St. Pete’s history.

“As our city grows, it is crucial that we ensure our teachers, first responders, hospitality workers and others have access to safe and affordable living options,” Les Porter, president of Porter Development, said in a statement. “In order to do that, we need public-private partnerships.”

Porter acquired the property for $10.5 million in 2021. He had several visions for the site, including a sports complex and recreational lagoon, but last summer, the city approved his plan for 1,058 apartments. The new plan is slimmed down — totaling 1,000 units — but is not substantial enough to require a new site plan approval.

The development team includes Stantec and St. Pete-based ARC3 Architecture.

The first and second phases of the project will build 320 units, and the third phase will feature 360 units.

“By financially supporting our efforts with Azalea Gateway, we are working together to address the housing crises and ultimately will be adding 300 affordable homes for people in our community,” Porter said in a statement.