A joint venture between Focus and Bradford Allen has secured a $135 million construction loan for the development of '275 Fifth Street'. The project is a 24-storey mixed-use tower featuring 373 residential units in St. Petersburg, Florida. Financing for this undertaking was provided by Affinius Capital, as first reported by Commercial Observer.
Eric Cohen, Co-Head of Debt Originations at Affinius Capital, described 275 Fifth Street as a 'high-quality institutional asset'. He highlighted that the Downtown St. Petersburg corridor is among 'Florida’s fastest-growing urban centres'. Cohen added that the project is well-positioned to address the ongoing demand for high-quality urban housing.
Location and Amenities
Located on Fifth Street South, in the heart of Downtown St. Petersburg’s Central Arts District and the Tampa Bay Waterfront Art District, 275 Fifth Street is just a short walk from the piers that extend into Tampa Bay. The property also benefits from connections to the city’s public transport network, which includes the PSTA bus network, the Downtown Looper, and the Central Avenue Trolleys.
Brian Carley, Senior Vice President of Development at Bradford Allen, noted that Downtown St. Petersburg has experienced significant population growth, making it highly attractive from an investment perspective. 275 Fifth Street will comprise a mix of one and two-bedroom apartments, along with 6,384 square feet of ground-floor retail space.
Market Conditions and Completion
On-site amenities include an outdoor swimming pool, a fitness centre, and a co-working space. Tim Anderson, founder and CEO of Chicago-based Focus, remarked that Downtown St. Petersburg exhibits several positive residential development trends, including growing population, an expanding employment network, and sustained demand for rental housing. According to Anderson, projects commencing construction today are likely to be delivered into a more balanced supply environment. Completion of the project is scheduled for 2028.
