Affordable Housing Development Delayed Due to Rising Construction Costs

Construction at Fairfield Apartments, a 264-unit affordable housing project near St. Petersburg’s Warehouse Arts District, has been delayed as construction costs have risen. The developer had received $2.28 million in funding from the American Rescue Plan Act (ARPA) for the initial construction as well as $5.6 million in Penny for Pinellas sales tax funding for the project, providing $3 million at closing and $2.6 million as the developer reaches affordability milestones. With the increase in construction costs, the developer is facing a $5 to $7 million gap in funding and is in talks with the city and county about receiving more funding. Fairfield Apartments will border 34th Street S. just north of Gibbs High School.  All of the 264 units will be income restricted.  Plans call for three residential buildings, two will be five stories and one will be six stories with 345 parking spaces.  Of the 264 apartment units, 74 will be one-bedroom, 162 two-bedroom and 28-three-bedroom. Amenities will include three computer labs, club room, pool, barbecue and picnic areas.  The existing buildings on the site will be demolished. 

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