What is now a big parking lot in St. Petersburg’s Skyway Marina District could turn into one of the city’s more affordable new addresses, if a Nashville developer gets the green light. Elmington Capital Group has filed plans for Skyway Flats, a five-story, 174-unit affordable apartment community with rents projected to start at $512 per month. The building is proposed for a 2.87-acre site at 3600 34th Street South and would reserve apartments for young people aging out of foster care.
The plans call for 28 one-bedroom, 100 two-bedroom and 46 three-bedroom units, along with a fitness center, community room and in-unit washers and dryers, according to St Pete Rising. Proposed resident services include financial-literacy classes, job-readiness training and connections to local health programs. Project materials also tout Energy Star appliances, walk-in closets and granite countertops as standard finishes.
Developer and public pitch
Elmington is a Nashville-based developer that says it has built and manages thousands of multifamily units around the country, per Elmington. For Skyway Flats, the team is pitching a land-lease structure designed to keep the property affordable over the long term and is seeking public backing to acquire the site. The county’s voter-approved 1% sales tax, detailed on the Penny for Pinellas site, funds long-term projects and can be used to support community-vitality and housing initiatives.
Financing and timeline
The Skyway Flats budget is pegged at about $76.8 million, and Elmington has asked Pinellas County for roughly $6 million from Penny for Pinellas to help cover land acquisition, according to St Pete Rising. The application outlines roughly $29.8 million in tax-credit equity from Raymond James, an $8.3 million SAIL allocation from the state (a program administered by Florida Housing), more than $20 million in debt financing and about $4.15 million in developer equity. Elmington’s materials say the goal is to secure site-plan approval and permits by early 2027 and wrap up construction in early 2029.
Where it fits in the neighborhood…