Wood Partners to Break Ground on Tampa-Area Workforce Project
The Live Local Act-approved development will replace an existing office building.
Wood Partners has acquired 11.65 acres of land in St. Petersburg, Fla., to build Alta Roosevelt, a 381-unit community. The firm will tear down an existing office building at the site to make room for the new five-story structure, which is expected to break ground this May.
Alta Roosevelt is expected for delivery in April 2028. 40 percent of the community’s units will be reserved for residents earning at or below 120 percent of the area median income. The developer secured approvals for Alta Roosevelt through the city of St. Petersburg’s affordable housing code and Florida’s Live Local Act.
Currently located at the site is a four-story, 167,600-square-foot office building called Roosevelt III that was built in 2003, according to Yardi Matrix. The owner of that building is listed as Net Lease Office Properties. Wood Partners did not disclose acquisition and construction financing details.
READ ALSO: Reinventing the Construction Capital Stack
Alta Roosevelt will contain a mix of one-, two- and three-bedroom floorplans. Community amenities will include a pool, a fitness center, a spa area and clubhouse containing co-working spaces, a game room, lounges and a golf simulator. The new multifamily building will retain and upgrade the property’s existing parking garage.
Located at 11101 Roosevelt Blvd., the site is about 10 miles from downtown St. Petersburg and 16 miles outside downtown Tampa. St. Pete-Clearwater International Airport is about 4 miles away, while Tampa International Airport is some 11 miles.
Tampa’s uneven market
The Tampa multifamily market closed 2025 with both a slowdown in construction and fluctuating fundamentals. The average advertised asking rent was $1,786 as of December, according to a Yardi Matrix. That followed a 0.3 percent slide on a trailing three-month basis, mirroring the national trend.
Absorption, however, looked relatively strong, with occupancy in stabilized assets down just 10 basis points over 12 months to 93.4 percent, even amid a particularly large wall of deliveries.
In 2025, Tampa developers added 11,269 units, or 4.1 percent of existing stock, outpacing the national rate by 110 basis points. Going into 2026, the pipeline remained consistent, with 2025 construction starts above 2024’s volume. Meanwhile, transaction activity lagged most previous years, with $1.6 billion in assets changing hands in 2025.
Another community to break ground in the metro this year is Olea on 126 Apartments, a 144-unit affordable community that got underway in March. The garden-style community from Lincoln Avenue Communities will comprise three residential buildings amounting to 212,000 square feet, and with untis designated for residents making under 80 percent of the AMI.
