JV Lands $135M for Metro Tampa Project
The future community is slated to open in 2028.
A partnership between real estate construction and financial company Focus and commercial real estate development firm Bradford Allen has secured a $135 million construction loan for 275 Fifth St., a residential project in St. Petersburg, Fla. Affinius Capital provided the note.
The development will rise 24 stories. Rendering courtesy of Place Architecture 
The project will include a coworking area and residents’ lounge. Rendering courtesy of Gensler. 
The high-rise will feature a fitness center. Rendering courtesy of Gensler 
The pool area at 275 Fifth St. will also have a sundeck. Rendering courtesy of Gensler
The partnership acquired the 1-acre development site in 2023 for $20.2 million, according to Florida YIMBY. The team developing the project includes general contractor KAST Construction, architecture firms Place Architecture and Gensler, which also serves as interior designer.
The 24-story tower is slated to feature 373 units and 6,384 square feet of retail. The development is scheduled for completion in 2028. The residences will have one- and two-bedroom layouts. Shared amenities will include a swimming pool with sun deck, fitness center, yoga and spin rooms, coworking space and residents’ lounge.
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Located in St. Petersburg’s central business district, the development is close to interstates 175, 275 and 375, as well as U.S. Route 19, all which connect 275 Fifth St. to downtown Tampa, Fla., some 23 miles northeast. The community will also be within 1 mile of several hospitals, the Tropicana Field Stadium and Albert Whitted Airport.
Tampa multifamily sector keeps on delivering
As of May, Tampa’s multifamily completions accounted for 3.4 percent of the total stock on a trailing 12-month basis, according to a recent Yardi Matrix report, mirroring the development momentum registered across the Sun Belt metros. More specifically, during the same month, Orlando, Fla. and Miami’s completions accounted for 3.6 percent of its total stock, trailing behind Nashville, Tenn. (3.9 percent), Phoenix (4.4 percent), Charlotte, N.C. (6.4 percent) and Austin, Texas (6.5 percent).
Recent multifamily projects in works in Tampa include Related Group’s development of the 369-unit Manor Riverwalk District—the first phase of a $1 billion maser-planned district on the west bank of the Hillsborough River. Additionally, Woodfield Development broke ground on the 270-unit Connerton Apartments earlier this month, a project within the future Connerton master-planned community.
