264-Unit Affordable Complex Under Construction in St. Petersburg

HP Capital Group is building Fairfield Avenue Apartments, a 264-unit affordable and workforce housing project on a 6.9-acre site at 3300 Fairfield Avenue S. in St. Petersburg. Construction began February 4, 2026, with completion expected in mid- to late 2028.

The complex includes two five-story buildings, one six-story building, and a communal clubhouse. The unit mix is 74 one-bedroom, 162 two-bedroom, and 28 three-bedroom apartments. Income tiers: 53 units at or below 50 percent AMI, 67 units up to 80 percent AMI, and 144 units up to 120 percent AMI.

Amenities include a pool, computer labs, playgrounds, picnic and barbecue areas, a bike corral and repair workshop, a community building, green spaces, and meeting rooms. The project provides 345 vehicular and 278 bicycle parking spaces. The Pinellas County Housing Authority will own and manage the property, which is leased through a trust administered by the Housing Finance Authority of Pinellas County, securing a 99-year affordability commitment.

Total project cost is approximately $94.2 million, financed with a $64 million HUD 221(d)(4) construction loan, $12.4 million from Pinellas County, $9.7 million from the City of St. Petersburg, and $8.1 million in developer equity. The site, purchased for roughly $6.2 million, was formerly home to Tibbetts Lumber Company. The project is the first in Florida approved under House Bill 1339, which allows affordable housing on industrially zoned land.