Construction work on the 65-unit Delmar 745, affordable housing apartment in St. Pete was recently completed and residents have begun moving into the property. This US$ 21.7M housing project was developed and overseen by McCormack Baron Salazar (MBS), with Pinellas County Housing Financing Authority serving as a community partner.
The 12-story affordable housing project which is located just a few blocks away from Central Avenue, at 745 Delmar Terrace South, was built to meet market-rate standards and also provide an affordable housing option for working-class families and formerly homeless people.
Feature and amenities
According to Richard Baron, the Co-Founder & Chairman of MBS, the 65 units would consist of 22 one-bedroom and 43 two-bedroom units. 33 units from the available 65 units are targeted at families earning 30% of the area’s median income, while the remaining 33 units are meant for those earning 60% of the area’s median income. Half of the 33 units are set aside for formerly homeless individuals and families.
One-bedroom units can be rented at prices ranging between US$ 200 to US$ 600 per month.
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Baron also mentioned that Delmar 745 was a great example of how affordable housing should be built for working families. He pointed out that the property was well furnished with modern amenities and stylish finishes. In addition, several shared amenities such as a community space, fitness center, private and secure parking spaces, bike storage, and laundry room are provided for the residents.
Funding for the Delmar 745 project
The US$ 21.7M Delmar 745 was financed by the government and various organizations, and these contributions made include US$ 3.8M from local cities and states, US$ 1.9M from private foundations and corporations, equity financing worth US$ 16M.
Ken Welch, Petersburg’s Mayor, spoke favorable about the Delmar 745 project, stating that he was pleased to welcome new affordable housing into the city’s downtown area. Welch also said it was great having a place for residents to live, work and play, without needing to bother about burdensome commutes.
