News Summary
St. Petersburg, Florida, collaborates with Habitat for Humanity to address the affordable housing crisis by developing Pelican Place, a townhome community with 40 affordable units. Aimed at helping local families facing rising housing costs, the project will include a mix of two- and three-bedroom homes, and is set to break ground soon.
St. Petersburg, Florida is taking significant steps to combat the affordable housing crisis by partnering with Habitat for Humanity to develop a new townhome community. This initiative aims to construct 40 townhomes in South St. Pete with the specific goal of assisting local families who are grappling with rising housing costs in the Tampa Bay region.
The affordable housing crisis has reached alarming levels in the area, causing displacement among long-time residents. Essential workers, including teachers, firefighters, and police officers, are among those most affected by this situation, making the need for affordable housing increasingly urgent. Currently, Habitat for Humanity is already serving 140 families through its homeownership program, emphasizing their long-standing commitment to providing solutions.
New Community: Pelican Place
The forthcoming project, titled Pelican Place, will be situated on a city-allocated lot off 18th Avenue, directly across from Tangerine Plaza. The city’s dedication to this effort includes approving funding of up to $2,182,534 through Tax Increment Financing, aimed at fostering further community development.
As part of the design, Pelican Place will comprise a total of eight buildings that will feature a combination of ten two-bedroom homes and thirty three-bedroom homes, with each unit also including a den. Each home is priced at $300,000, specifically targeting families who earn less than 80% of the local median income. Habitat for Humanity plans to offer buyers zero-percent interest mortgages, significantly easing the financial burden of homeownership.
Impact of Rising Construction Costs
The impact of rising construction costs in the post-pandemic landscape has not gone unnoticed. It is estimated that building a home is now $100,000 more expensive than it was prior to 2020, further complicating affordable housing efforts. In response to these economic challenges, Pelican Place aims to provide affordable options for families, with closing costs for buyers capped at $2,000.
Anticipated Timeline
The groundbreaking for Pelican Place is scheduled to take place by the end of this year, with expectations for the homes to be ready for occupancy by early 2027. The project is projected to generate approximately $12 million in revenue, contributing positively to the local economy.
Community Commitment
Habitat for Humanity’s strategy includes sourcing future homeowners directly from the surrounding neighborhood’s Community Redevelopment Area. This commitment showcases the organization’s dedication to integrating the new development into the existing community, thereby providing a sustainable solution to the housing crisis.
Support for this initiative has been voiced by local leaders, with Councilmember Brandi Gabbard expressing the necessity of addressing the affordable housing shortage in St. Petersburg. The development of Pelican Place not only seeks to provide housing but is also anticipated to act as a catalyst for further redevelopment efforts in the area, particularly around the Tangerine Plaza.
As St. Petersburg moves forward with this collaboration with Habitat for Humanity, the community can expect a positive shift in addressing the pressing need for affordable housing within the region.
Deeper Dive: News & Info About This Topic
HERE Resources
St. Petersburg Housing Authority Hosts Landlord Summit Amid Decreasing Affordable Housing Supply
St. Petersburg Considers $3 Million Budget Increase for Tropicana Field Repairs
Honoring Gold Star Families this Memorial Day
St. Petersburg Initiates Robust Hurricane Recovery Plan
King Charles III’s Historic Visit to Canada
Farewell to a Harlem Icon: Charles Rangel Passes Away
South Florida’s Luxury Condo Market Experiences Growth Amid Sales Slump
Florida Surpasses New York as Fastest-Growing Wealth Hub
Corey O’Connor Wins Pittsburgh Mayoral Primary Against Ed Gainey
Florida’s Rising Cost of Living Drives Families to Relocate Amid Affordable Housing Crisis
Additional Resources
- Fox 13 News: More Affordable Housing Coming to South St. Pete
- Wikipedia: Affordable Housing
- St. Pete Rising: Four Developers Compete for Affordable Townhomes
- Google Search: Affordable Housing in St. Petersburg
- St. Pete Catalyst: City & Habitat to Collaborate on Affordable Townhomes
- Google Scholar: Affordable Housing Florida
- ABC Action News: Local Group Pushes for Affordable Housing in St. Pete
- Encyclopedia Britannica: Housing
- I Love the Burg: Action Plan to Allocate $160 Million
- Google News: Affordable Housing Initiatives
