Construction Begins on First Phase of Azalea Cay Residential Project in St. Petersburg

Construction has officially started on the first phase of the Azalea Cay residential venture at 1501 72nd Street North in St. Petersburg, Florida. This development is located on the former Raytheon site and is anticipated to include over 1,000 residences upon full completion. The initial phase will feature 341 apartments across three buildings, with floorplans ranging from one to three bedrooms.

A significant component of this phase includes 102 units designated as affordable and workforce housing. Fifty-one of these will cater to households earning up to 80 percent of the Area Median Income (AMI), while another 51 units will serve households earning up to 120 percent of the AMI. The remaining 239 apartments will be market-rate units. Communal amenities for residents will encompass a clubhouse, fitness center, swimming pool, and a pet spa.

Multiple entities are collaborating on the project, including Metro Development Group, Porter Development, and the City of St. Petersburg, which has invested $11.25 million. The first phase alone is projected to cost $109.8 million. This development will add substantial housing supply, including crucial affordable options, to the Pinellas County market.