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St. Petersburg to Welcome New Affordable Housing Complex

Artist's rendition of the Alta Roosevelt multifamily apartment complex.

News Summary

Wood Partners is proposing a new 381-unit apartment complex named Alta Roosevelt in St. Petersburg, aimed at providing affordable and workforce housing. This initiative, located at 11101 Roosevelt Boulevard North, aligns with Florida’s Live Local Act, ensuring 40% of units serve households earning up to 120% of the Area Median Income. The project will replace an existing office building and enhance available parking, while also addressing the city’s critical need for affordable housing options amidst a significant waiting list.

St. Petersburg is set to see significant additions to its affordable housing landscape as Atlanta-based Wood Partners proposes a new 381-unit multifamily apartment complex named Alta Roosevelt. Located at 11101 Roosevelt Boulevard North, this development is currently under review as part of Florida’s Live Local Act, which aims to promote the construction of affordable and workforce housing.

The proposed Alta Roosevelt is designed as a five-story building, allocating 40% of its units—approximately 152 apartments—as workforce housing for households earning up to 120% of the Area Median Income (AMI). The remaining units will be available at market rates, reflecting a dual approach to address both affordable and market-rate housing needs.

This new complex will replace an existing 164,919-square-foot office building that is currently home to Bankers Financial Group, which will be demolished to make way for the new apartments. It is noteworthy that the property will leverage an existing parking garage of 519 spaces, adding additional surface parking to reach a total of 665 spaces, surpassing the city’s requirement of 462 spaces for the development.

The feasibility and planning of the Alta Roosevelt project indicate a strategic focus on meeting local housing demands. Approximately 70% of the apartments in the complex will consist of studios or one-bedroom units, translating to 267 units designated for singles and couples, alongside 104 two-bedroom units and 10 three-bedroom units, catering to a variety of household sizes.

Wood Partners, which has established a reputation since its inception in 1998 for constructing over 90,000 apartment units nationwide, aims to replicate its success through the Alta brand in Florida. Previous Alta communities include Alta Gateway, Alta Clearwater, and Alta Belleair, demonstrating the company’s thorough experience in multifamily housing developments.

The location of Alta Roosevelt benefits from good access to public transportation and bike infrastructure, underlining the project’s alignment with community planning for mobility. The local transportation staff have suggested improvements to nearby bus stops to further enhance accessibility for residents. Additionally, a recent traffic impact study revealed that Roosevelt Boulevard can accommodate an additional 149 peak-hour vehicle trips generated by the new apartments without significant congestion issues.

Parallel to the Alta Roosevelt project, the Hanover Company has proposed a separate 304-unit affordable housing community at 3100 22nd Avenue North, which also plans to reserve at least 40% of its units for households earning up to 120% AMI. Meanwhile, the former Edward White Hospital in St. Petersburg is undergoing a transformation into a 71-unit affordable housing facility specifically for seniors, which will also incorporate a community health center.

The St. Petersburg Housing Authority has received significant financial backing for these efforts, including $5.9 million from the city alongside an earlier investment of $3 million to support construction. The senior housing project aims to serve residents aged 62 and older, who earn up to 80% of the area median income, with rent structured to account for only 30% of their adjusted income.

Construction on the former hospital renovation began in December 2024, and while the project encountered setbacks due to flooding from hurricanes, it remains on schedule for completion. The entirety of the senior housing initiative is projected to cost nearly $44 million, funded by a variety of sources, including city and county contributions, as well as loans. Residents for this project are expected to begin moving in by fall 2026.

With over 8,000 families on the Section 8 waiting list in the region, local housing advocates stress the critical need for expanded affordable housing options. The initiatives underway in St. Petersburg, particularly those led by Wood Partners and the St. Petersburg Housing Authority, reflect a concerted effort to address this pressing issue in the local community.