Magellan Housing Secures Funding for 94-Unit Senior Affordable Housing Project in St. Petersburg

Magellan Housing has secured $7.05 million in financing to advance the development of Trailside Estates II, a new affordable housing project for seniors in St. Petersburg, Florida. This second phase of the Trailside Estates venture will feature 94 units designed for residents aged 55 and older, located at the southeast corner of the Pinellas Trail and 40th Street South. The development aims to provide housing for households earning up to 80 percent of the area median income (AMI), with 15 units designated for those earning up to 30 percent and 57 units for those earning up to 60 percent of AMI. Pinellas County's median income is reported as $56,737.

The project, estimated to cost over $35 million, will offer a mix of one-bedroom and two-bedroom apartments. While specific communal amenities were not detailed, a key feature highlighted is the easy access to the nearby Pinellas Trail. Halflants + Pichette is serving as the architect for the development. Construction is projected to commence in early 2028, with an anticipated completion in spring 2029. This initiative will add much-needed affordable senior living options to the St. Petersburg market, addressing a critical housing need for the community.