South Florida firm opens affordable housing in St. Petersburg

Fort Lauderdale-based Green Mills built the $12.5 million, 53-unit development

TRD MIAMI /
Jul.July 16, 2017 09:00 AM

Burlington Place in St Petersburg was 100 percent preleased before it opened.

A South Florida real estate company opened a fully preleased rental development in St. Petersburg with 53 affordable-housing apartments.

Fort Lauderdale-based developer Green Mills, LLC, built the affordable boutique, called Burlington Place, at a total project cost of $12.5 million, or about $235,000 per apartment.

Burlington Place, located in the Kenwood neighborhood of St. Petersburg, was developed with financing from TD Bank, Raymond James Tax Credit Funds and the City of St. Petersburg.

Green Mills got a $4 million construction loan from TD and $12 million in federal tax equity credit through the bank’s Community Capital Group. The city government made a loan with funds from a state program called SHIP, Strategic Housing Initiatives Partnership Program.

Mitchell Rosenstein, a principal and co-founder of Green Mills Group, said in a prepared statement that St. Petersburg has seen ample development of new apartments available at market rates, but “unfortunately, the supply of affordable housing within the city has not come close to meeting local needs.”

Burlington Place is designed to meet needs and wants, with shared amenities that include a fitness center and a clubroom.


Related Articles

arrow_forward_ios
Rent reform is propelling a new wave of New York and California investors to Miami (Credit: iStock)

Rent reform in New York, California propels new wave of multifamily investors to Miami

Jorge Pérez with renderings of the projects

Related Group, Atlantic Pacific seek approvals for mixed-use apartment projects

Daily Digest Miami

Partner at Miami law firm resigns amid conflict of interest allegation tied to zoning issue, Redfin will disclose commissions in this US city: Daily digest

(Credit: iStock)

Three arrested in South Florida affordable housing scam

Starwood Capital CEO Barry Sternlicht and the Summerlake Apartments

Starwood Capital pays $11M for affordable housing complex in Davie

Praxis of Deerfield Beach Apartments and MRK Partners CEO Sydne Garchik

Affordable senior housing in Deerfield Beach sells for $24M

Construction of downtown Hollywood high-rise may start soon

Jeffrey Epstein commits suicide by hanging himself in his Manhattan jail cell

arrow_forward_ios