Clearwater-based Porter Development has revised plans for a multi-phase housing complex in north St. Petersburg, renaming a years-long proposal Azalea Cay and outlining a phased buildout that will total 1,056 residences across 12 buildings.
First phase includes 340 apartments, 102 income-restricted
The developer’s updated application for the site at 1501 72nd St. N. in the 33710 ZIP code calls for the first phase to deliver 340 apartments. Of those, 102 units are designated as income-restricted housing: 51 units for households at up to 80 percent of area median income (AMI) and 51 units for households at up to 120 percent of AMI. The remaining 238 units in the initial phase would be unrestricted, market-rate apartments.
"Azalea Gateway"
The proposal has been under consideration for nearly six years and has undergone multiple revisions. The project was previously known as Azalea Gateway and at one stage was proposed to include a sports center; later plans shifted toward residential development before the current iteration was filed under the new name, Azalea Cay.
Phasing, amenities and financing
Porter Development’s plan envisions the full site built out in phases that will ultimately include a total of 12 buildings. The first phase would occupy three of those buildings. The developer has indicated that each phase will provide shared amenities for residents, and site materials specifically mention a swimming pool among those communal features.
To support the project, Porter Development recently secured $63.5 million in financing aimed at carrying Azalea Cay toward completion. The financing milestone follows the multi-year permitting and planning process that has produced at least two prior design revisions.
Local context and potential impacts
Azalea Cay is proposed in a portion of St. Petersburg that has seen sustained interest from residential developers. The mix of income-restricted and market-rate units in the initial phase signals an attempt to include some affordability within a larger market-oriented project; however, the developer’s current affordability plan covers a portion of only the first phase’s units, not the entire 1,056-unit development.
- Total planned residences: 1,056
- Phase one apartments: 340
- Income-restricted units in phase one: 102 (51 at 80% AMI, 51 at 120% AMI)
- Market-rate units in phase one: 238
- Planned buildings at completion: 12
- Financing recently secured: $63.5 million
City residents and neighborhood groups will likely scrutinize how the development balances density, traffic and public services as permitting moves forward. The inclusion of income-restricted units may reduce some pressure on local housing affordability, but the proportion relative to the overall buildout and the distribution across later phases remain undefined in the current filing.
| Phase 1 unit type | Number of units |
|---|---|
| Income-restricted (≤ 80% AMI) | 51 |
| Income-restricted (≤ 120% AMI) | 51 |
| Market-rate | 238 |
| Total, phase 1 | 340 |
As the proposal advances through local review, specific questions that typically arise for projects of this scale include traffic impacts, stormwater management, school capacity and neighborhood compatibility. Because the project site is inside Pinellas County and within St. Petersburg’s city boundaries, approvals may involve both municipal planning staff and county-level permitting depending on the precise regulatory issues.
This iteration of the plan represents the most recent change to a proposal that has evolved over nearly six years. With financing in place and a clear unit count outlined for the first phase, attention will shift to formal submissions, staff reviews and public hearings that determine whether Azalea Cay will move from plan to construction.
