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Updated: May 26
Underutilized land on the northern fringes of downtown Tampa is slated for a drastic transformation, featuring hundreds of affordable housing units, commercial space, and significantly improved connectivity.
The city announced on Monday that it selected PMG Affordable, a subsidiary of Miami-based Property Markets Group, to redevelop four parcels between North Tampa Street and East Ashley Drive. Plans include 1,150 apartments, a 30% increase over the minimum threshold of 800 in a request for proposals.
PMG will dedicate 70% of that total – 805 units – to affordable and workforce housing. Stakeholders, including the city’s Community Redevelopment Agency (CRA), celebrated a win for those who struggle to afford the cost of living downtown.
”This is a milestone for downtown Tampa and our affordable housing goals,” said CRA Chairman Luis Viera in a prepared statement. “As the first affordable housing development in Tampa’s Central Business District, we are opening countless opportunities for the individuals and families that need it most.
“We want to ensure everyone has a chance to live in our flourishing downtown and enjoy a lifestyle that keeps them close to jobs and the places they enjoy most.”
Long-eyed for redevelopment, the site just south of I-275 is less than a mile away from Tampa Riverwalk, Glazer Children’s Museum, Curtis Hixon Park, and several other downtown amenities. The CRA purchased the land, which includes the sought-after, shuttered Army Navy Surplus Market property, for $4.5 million in 2020.
The assemblage also includes the adjacent Royal Street Regional Parking Lot. Project details, including income limits and the amount of commercial space, remain scarce.
“We are still early in the development process, but it is incredibly exciting to move this vision for north downtown Tampa forward,” said Mayor Jane Castor. “We can’t overstate the importance of workforce housing in our community.”
Workforce housing typically serves households earning up to 120% of the area median income (AMI), which is approximately $100,000 for two people in Tampa. Developers typically cap affordable units at 80% of the AMI, or roughly $67,000 for two people.
Castor’s administration began soliciting redevelopment feedback on the site in 2022. Officials issued and subsequently cancelled an RFP last year before selecting PMG in the latest procurement round.
The announcement notes that the properties are directly adjacent to I-275’s Ashley Drive on-ramp, which, with the city council’s project approval, “would be redesigned to drastically improve connectivity and pedestrian safety between the new development and surrounding neighborhoods.”
“Not only will existing neighborhoods benefit from the improved connectivity, but this project will create hundreds of affordable, downtown homes for teachers, first responders, technicians, service employees, and others who make our city great,” Castor said.
The development team includes the Tampa Housing Authority, Bank of America Community Development Company, and minority-owned DuCon.
PMG is a national real estate development firm that is leading the Waldorf Astoria Residences St. Petersburg project across the bay. Its affordable housing subsidiary is also overseeing the redevelopment of Tampa’s Robles Park Village, which encompasses 30 acres and will feature 1,200 affordable units, 600 market-rate apartments, and a 30,000-square-foot community center.
”PMG Affordable is honored to have been selected alongside our partners by the City of Tampa to revitalize the historic Army-Navy site,” said principal Dan Coakley. “Our goal is to deliver a transformative mixed-income, mixed-use community that enhances quality of life through affordable and attainably priced housing, activated retail, and public open spaces.
“As planning progresses, we are committed to collaborating closely with residents and local stakeholders to ensure the project reflects the needs and priorities of north downtown.”
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