St. Petersburg Will Begin Apartment Construction Monday
Metro Development Group and Porter Development are building 341 units on a former Raytheon site in St. Petersburg.
Updated on Sept. 25, 2026 in Construction
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Construction on a new 341-apartment complex at 1501 72nd St. N will officially commence on Monday, September 28, 2026. The project, led by Metro Development Group and Porter Development, features 102 units designated for workforce and affordable housing.
Why it matters
The development aims to address housing needs by dedicating 30% of its first-phase capacity to affordable options. This effort is bolstered by $11.25 million in public investment from both St. Petersburg and Pinellas County.
The project includes 102 workforce and affordable units, representing 30% of the total 341-apartment phase. Public investment for the site totals $11.25 million provided by city and county authorities.
The players
Metro Development Group
Founded in 2003, the company is a residential developer known for projects such as the Mirada and Angeline master-planned communities in Pasco County.
Porter Development
This firm is partnering with Metro Development Group to execute the construction of the new residential project in St. Petersburg.
The details
The complex is being built on the site of a former Raytheon facility in St. Petersburg. Partners Metro Development Group and Porter Development are collaborating to transform the land into a multi-family residential community.
Timeline
Monday, September 28, 2026: Groundbreaking ceremony for the new apartment complex.
Market Landscape
This development allows Metro Development Group to expand its footprint in the urban housing market following its success with large-scale projects in Pasco County. The partnership marks a strategic move to capitalize on urban redevelopment by repurposing former industrial sites.
Residents can anticipate an increase in available housing inventory, including 102 units specifically priced for the workforce and affordable market segments. This project may influence local housing availability and pricing dynamics once the units are ready for occupancy.
The takeaway
This project highlights the trend of repurposing underutilized commercial land to meet growing urban housing demands. Residents interested in workforce housing should track future leasing announcements as the project moves toward completion.
Further reading
For more information on local development, see the latest updates in Construction.
Source note: This article includes information reported by Tampa Bay Business & Wealth.
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