Developer buys St. Pete property in $16.5 million deal for 304-unit affordable housing complex – St Pete Rising

Report on the North Kenwood Affordable Housing Development and its Alignment with Sustainable Development Goals

1.0 Project Overview

• Developer: The Hanover Company
• Location: 3100 22nd Avenue North, North Kenwood, St. Petersburg, Florida
• Site: An 8.95-acre retail plaza acquired for $16.5 million.
• Scope: Redevelopment into a 304-unit affordable housing community.
• Objective: To increase the availability of affordable housing, contributing directly to local and global sustainability targets.

2.0 Legislative and Financial Framework

• Governing Legislation: The project is the first in St. Petersburg to utilize Florida’s Live Local Act, which streamlines the approval process for developments that meet specific affordability criteria.
• Affordability Mandate: Under the Act, a minimum of 40% of units must be affordable for households at or below 120% of the Area Median Income (AMI) for at least 30 years. This project exceeds the requirement by designating all 304 units for this income bracket.
• Financing: The project is supported by a $46.92 million loan from Comica Bank.

3.0 Analysis of Contribution to Sustainable Development Goals (SDGs)

3.1 SDG 11: Sustainable Cities and Communities

The development is a significant contributor to making cities inclusive, safe, resilient, and sustainable.

1. Target 11.1 (Affordable Housing): The project directly addresses the need for adequate and affordable housing by creating 304 units reserved for households earning no more than 120% of the AMI.
2. Target 11.3 (Sustainable Urbanization): By redeveloping an existing retail plaza, the project promotes sustainable land use through infill development, preventing urban sprawl and utilizing existing infrastructure.
3. Target 11.2 (Sustainable Transport): The inclusion of 320 bicycle parking spaces alongside 448 vehicle spaces encourages alternative and sustainable modes of transportation, reducing carbon emissions and traffic congestion.
4. Target 11.7 (Green and Public Spaces): On-site amenities such as a swimming pool, outdoor seating areas, and a dog run provide residents with access to safe and inclusive recreational spaces, enhancing community well-being.

3.2 SDG 10: Reduced Inequalities

• The project actively works to reduce income-based inequalities by ensuring that a substantial portion of new housing stock is accessible to lower and middle-income residents.
• By leveraging the Live Local Act, the development serves as a model for public-private initiatives aimed at creating more equitable communities.

3.3 SDG 1 & SDG 3: No Poverty & Good Health and Well-being

• SDG 1: Access to stable, affordable housing is a cornerstone of poverty reduction, as it frees up household income for other essential needs like food, healthcare, and education.
• SDG 3: The provision of safe housing and amenities like a fitness center and resident clubhouse directly supports the physical and mental well-being of residents.

3.4 SDG 17: Partnerships for the Goals

• This initiative exemplifies a multi-stakeholder partnership, involving a private developer (The Hanover Company), a financial institution (Comica Bank), and government (through the Live Local Act framework), all collaborating to achieve sustainable development objectives.

4.0 Detailed Project Specifications

4.1 Residential Composition

• Total Units: 304
• One-Bedroom Apartments: 196
• Two-Bedroom Apartments: 108

4.2 Community Infrastructure

• Four four-story apartment buildings with a maximum height of 41 feet.
• A central clubhouse and leasing office.
• Multiple one-story garage buildings.
• Community amenities including a swimming pool, fitness center, and resident clubhouse.

5.0 Regional Impact and Scalability

The Hanover Company’s commitment to these sustainable principles extends beyond this single project. The developer is also applying the Live Local Act to construct a similar 384-unit affordable housing community in Pinellas Park. This indicates a scalable strategy for addressing the regional housing crisis in alignment with the Sustainable Development Goals.

Analysis of Sustainable Development Goals (SDGs) in the Article

1. Which SDGs are addressed or connected to the issues highlighted in the article?

The primary SDG addressed in the article is SDG 11, which focuses on making cities and human settlements inclusive, safe, resilient, and sustainable. The article’s content is directly related to urban development, housing, and community infrastructure.

• SDG 11: Sustainable Cities and Communities: This is the most relevant goal. The article details a project to redevelop a commercial site into a large-scale affordable housing community. This initiative directly contributes to creating sustainable urban living spaces by addressing housing needs, promoting efficient land use, and including community amenities. The provision of bicycle parking also supports sustainable transportation within the city.

2. What specific targets under those SDGs can be identified based on the article’s content?

Based on the focus on affordable housing, urban redevelopment, and community infrastructure, several targets under SDG 11 are clearly identifiable:

1. Target 11.1: By 2030, ensure access for all to adequate, safe and affordable housing and basic services and upgrade slums.
   • The article’s central theme is the construction of a “304-unit affordable housing community.” It specifies that all units are intended for households earning at or below 120% of the area median income (AMI) and that this affordability will be maintained for “at least 30 years,” directly addressing the need for affordable housing.
2. Target 11.2: By 2030, provide access to safe, affordable, accessible and sustainable transport systems for all.
   • The project plan includes “320 bicycle parking spaces.” This provision encourages and supports a form of sustainable transportation, contributing to this target by providing infrastructure for non-motorized travel.
3. Target 11.3: By 2030, enhance inclusive and sustainable urbanization and capacity for… sustainable human settlement planning and management.
   • The project involves the redevelopment of an existing “8.95-acre” retail plaza into a residential community. This represents sustainable urbanization by reusing already developed land rather than expanding into new areas. Furthermore, the project utilizes the “Live Local Act,” a specific policy mechanism designed to streamline the development of affordable housing, demonstrating an approach to sustainable settlement planning.
4. Target 11.7: By 2030, provide universal access to safe, inclusive and accessible, green and public spaces.
   • The development is planned to include several community amenities, such as a “swimming pool, fitness center, resident clubhouse, outdoor seating areas, and a dog run.” These facilities serve as accessible community spaces for residents, enhancing their quality of life and contributing to this target.

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

Yes, the article provides several specific, quantifiable indicators that can be used to measure the project’s contribution to the identified targets.

• For Target 11.1 (Affordable Housing):
  • Number of affordable housing units created: The article states the project will create “304 apartments.”
  • Proportion of affordable units: “All 304 units are expected to rent to households earning at or below 120% of the area median income (AMI).” This indicates 100% of the units are designated as affordable.
  • Duration of affordability: The affordability is guaranteed “for at least 30 years.”
• For Target 11.2 (Sustainable Transport):
  • Infrastructure for sustainable transport: The plan includes “320 bicycle parking spaces.”
• For Target 11.3 (Sustainable Urbanization):
  • Efficient land use: The project redevelops an “8.95-acre site,” indicating a specific area of land being used more sustainably.
  • Policy implementation: The project is the “first Live Local Act application received by the City of St. Petersburg,” serving as an indicator of policy adoption and action.
• For Target 11.7 (Access to Public Spaces):
  • Provision of community amenities: The article lists specific facilities to be built, including a “swimming pool, fitness center, resident clubhouse, outdoor seating areas, and a dog run.”

4. Summary of SDGs, Targets, and Indicators

Source: stpeterising.com