Subject:
Title
Affordable Housing Program project funding recommendation for Sixty90 Apartments.
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Recommended Action:
Recommended Action
Recommend approval of affordable housing funding for the Sixty90 Apartments project by Gravel Road Partners.
It is further recommended that the County Administrator be authorized to negotiate and approve terms, conditions, and the final funding amount not to exceed the Board of County Commissioners approved amount.
• The funding recommendation for Sixty90 Apartments by Gravel Road Partners is $6,710,000.00 of Penny for Pinellas funding for construction costs.
• Sixty90 Apartments is a new construction workforce housing project of 204 multi-family apartment units located at 6090 Central Avenue, in St. Petersburg that will serve the following households: (122) units serving households below 80.0% AMI, and (82) units serving households at Market Rate.
• The Land Use Restriction Agreement associated with the construction funding will ensure a 30-year affordability period.
• The total development cost is estimated to be $67,217,450.00. Other sources of funding include Sponsor Equity ($14,717,264.00), Construction financing ($39,080,186.00) and City of St. Petersburg ($6,710,000.00). The development is eligible for the annual Multifamily Property Tax Exemption.
• Next steps: County staff will complete additional due diligence activities including, but not limited to, loan underwriting and financial analysis.
• Funding for this project is included in the Fiscal Year (FY) 2026-FY31 Capital Improvement Plan under Penny IV Affordable Housing Program (project 004150A). This project is funded by Local Infrastructure Sales Surtax (Penny for Pinellas), as part of the 8.3% countywide investment for Economic Development and Housing, half of which, or 4.15%, is set aside for housing specifically.
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Strategic Priorities:
Prosperity and Opportunity
3.1 Increase the availability of attainable housing
Summary:
Summary
Gravel Road Partners applied for $7,320,000.00 of affordable housing funding assistance for the Sixty90 Apartments project for construction costs. Staff is recommending approval of up to $6,710,000.00 utilizing Penny for Pinellas funding.
Sixty90 Apartments will consist of 204 newly constructed workforce units: (80) one (1)-bedroom units, (100) two (2)-bedroom units and (24) three (3)-bedroom units that will serve the following households: (122) units serving households below 80.0% AMI, and (82) units serving households at Market Rate. The LURA associated with the construction funding will ensure a 30-year affordability period on (122) units. The project site is located at 6090 Central Avenue, in St. Petersburg, FL.
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Background Information:
The County Housing and Community Development staff have evaluated the project application and found it to be eligible for funding assistance.
The primary funding source for the project is Construction financing by Valley Bank in the amount of $39,080,186.00. Additional funds include $14,717,264.00 from Sponsor Equity and $6,710,000.00 from the City of St. Petersburg. The $6,710,000.00 of Penny for Pinellas County funds will be utilized for construction costs.
Fiscal Impact:
The total requested County contribution for this project is $6,710,000.00. Including this item, the total amount of Penny IV funds committed is $85,719,487.00 out of the $99,830,852.00 currently estimated in all ten years of Penny IV.
Funding for this project is included in the FY26-FY31 Capital Improvement Plan under Penny IV Affordable Housing Program (project 004150A). This project is funded by Local Infrastructure Sales Surtax (Penny for Pinellas), as part of the 8.3% countywide investment for Economic Development and Housing, half of which, or 4.15%, is set aside for housing specifically.
The Penny IV Affordable Housing Program (project 004150A) has a FY26 Budget of $13,271,000.00. FY26 Expenditures are estimated at $36,105,742.00. Additional funds are anticipated through the Carry-forward amendment, contingent on approval of the Board.
Staff Member Responsible:
Gregg Mims, Director, Housing and Community Development
Bruce Bussey, Community Development Manager, Housing and Community Development
Partners:
Gravel Road Partners
City of St Petersburg
Attachments:
Sixty90 Apartments Project Summary Sheet
Sixty90 Apartments Multi-Family Housing Application
Gravel Road Partners Market Research
Purchase and Sale Agreement- DDA- Sixty90 Gravel Road Partners
GRP-UW Model-Sixty90
Project Renderings
Sixty90- Project Schedule
Location Map and Legal Description
Gravel Road Valley Bank Debt Letter Sixty90 Development
Sixty90 - Bridge Equity Commitment Letter
Summit- Sixty 90 Conceptual Estimate Summary