Florida’s real estate market is undergoing a significant transformation as major urban centers attract multi-billion dollar investments. From the luxury residential expansion in Palm Beach Gardens to wide-scale infrastructure and housing projects in St. Petersburg, these developments are set to bolster regional housing inventory and modernize key city landscapes through 2028 and beyond.
Key takeaways
- The Sutton, a 432-unit luxury apartment community, is slated for completion in Palm Beach Gardens by 2028.
- A new 24-story mixed-use tower is set for downtown St. Petersburg following a $135 million construction loan.
- St. Petersburg officials have selected a development team for the $8.1 billion redevelopment of the historic 86-acre Gas Plant District.
New luxury living in Palm Beach Gardens
In Palm Beach Gardens, a joint venture between Rockpoint and The Kolter Group is set to deliver The Sutton. This 17.6-acre site will offer 432 multifamily units, ranging from studios to three-bedroom apartments. The project, which recently secured development financing, is designed to cater to a supply-constrained submarket. The community will feature resort-style amenities, including a fitness center, co-working spaces, and proximity to major transit routes and outdoor recreation areas.
Investment surge in downtown St. Petersburg
St. Petersburg continues to see rapid growth as a premier urban destination. Affinius Capital has originated a $135 million construction loan for 275 5th Street, a joint project by Focus and Bradford Allen. The 24-story building will provide 373 apartment units and retail space. Located steps from the Tampa Bay waterfront and the city’s commercial corridor, this development reflects the high demand for modern, high-quality urban residential options in the area.
Transforming the Gas Plant District
Perhaps the most ambitious undertaking in the region is the redevelopment of the historic Gas Plant District. Mayor Ken Welch recently selected "The Burg Bid," a team led by Blake Investment Partners, to overhaul the 86-acre site. The proposal promises a massive $8.1 billion investment, including 3,600 income-restricted housing units.
A key focus of this project is the construction of a new home for the Woodson African American Museum of Florida, which is expected to be among the project’s first completed structures. The plan includes the future demolition of Tropicana Field, marking a significant shift in land use for the city. Negotiations are expected to continue over the coming year, with final agreements subject to City Council approval, initiating a multi-decadal development process that aims to integrate housing, cultural institutions, and commerce into one of the most prominent development sites in the Southeastern United States.
Sources
- Rockpoint and The Kolter Group Announce Joint Venture to Develop The Sutton in Palm Beach Gardens, Florida, PR Newswire.
- Affinius Capital Originates $135 Million Construction Loan to Focus and Bradford Allen for New Mixed-Use
Development in St. Petersburg, Fla., citybiz. - St. Petersburg Mayor Picks Tropicana Field Developer, The Real Deal.
- Mayor Welch selects team to redevelop Historic Gas Plant District in downtown St. Pete, St Pete Rising.