A South Florida real estate company opened a fully preleased rental development in St. Petersburg with 53 affordable-housing apartments.
Fort Lauderdale-based developer Green Mills, LLC, built the affordable boutique, called Burlington Place, at a total project cost of $12.5 million, or about $235,000 per apartment.
Burlington Place, located in the Kenwood neighborhood of St. Petersburg, was developed with financing from TD Bank, Raymond James Tax Credit Funds and the City of St. Petersburg.
Green Mills got a $4 million construction loan from TD and $12 million in federal tax equity credit through the bank’s Community Capital Group. The city government made a loan with funds from a state program called SHIP, Strategic Housing Initiatives Partnership Program.
Mitchell Rosenstein, a principal and co-founder of Green Mills Group, said in a prepared statement that St. Petersburg has seen ample development of new apartments available at market rates, but “unfortunately, the supply of affordable housing within the city has not come close to meeting local needs.”
Burlington Place is designed to meet needs and wants, with shared amenities that include a fitness center and a clubroom.