Demolition nears on prime St. Pete property, paving way for affordable housing project
By Henry Queen
Tampa Bay Business Journal
Published: Oct 17, 2024

Progress is being made on transforming an old lumber yard in St. Petersburg into an affordable housing development fronting the Pinellas Trail.

A company tied to former Florida Sen. Jeff Brandes purchased the approximately 7-acre property for $6.18 million from a firm linked with local investor Tom Gaffney, according to a Pinellas County deed. The buyer took out a $3.5 million mortgage to help fund the acquisition, property records show.

Demolition permits for the existing industrial buildings are also now in the approval process.

The site — located across from Gibbs High School and near the Warehouse Arts district — will be the home of a 264-unit affordable housing project with 345 vehicular parking spaces and 278 bicycle parking spaces.

"This is a unicorn of a property, " Brandes told the Tampa Bay Business Journal. "To find 7 acres in St. Petersburg we can develop in this fashion is a unique opportunity for us to provide affordable housing to my friends and neighbors."

HP Capital Group is the developer, and Kast Construction is the general contractor. Those two companies also teamed up to build the recently completed Reflection condominium tower.

Demolition at 3300 Fairfield Ave. S should begin in the next month, but Brandes said it depends on contractor availability.

When first proposed in 2022, Fairfield Apartments was the first such development to take advantage of a 2020 state law that began allowing the construction of affordable housing on lots that may not be zoned for residential. It's another example of St. Pete taking a more proactive approach to combating the enduring housing crunch — a strategy that also includes a new zoning overlay nearby.

The city contributed $9.7 million to the Fairfield Apartments project in November 2023, shortly after Pinellas County increased its commitment to $12.4 million.

The project will span three buildings and will break down as follows:

144 units will be designated for households earning 120% of the area's median income or less

67 units at or below 80% AMI

53 units at or below 50% AMI

Fairfield Apartments is designed to be affordable in perpetuity due to a purchase restriction.

Brandes, who is also the founder and president of the Florida Policy Project, takes particular pride in this project. The property was once home to the original location of Tibbetts Lumber, which was founded by his grandfather, Linton Tibbetts, and is now based in Clearwater.

"It means everything," Brandes said. "This is a property that's been in my family for over 50 years. I think my grandfather would be very proud of the legacy that we're building to continue on the great work he did in building St. Pete."