St. Petersburg Broke Ground on Azalea Cay Apartments

The new community will add hundreds of housing units to the city with a focus on affordability.

Updated on Oct. 10, 2026 in Apartments

St. Petersburg Broke Ground on Azalea Cay Apartments

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Metro Development Group and Porter Development have broken ground on Azalea Cay, a multi-phase apartment project in St. Petersburg. The first phase of the development will introduce 341 apartment units to the area.

Why it matters

The project represents a targeted strategy to alleviate local housing supply constraints and improve affordability for residents. It marks the formal launch of the multifamily division for Metro Development Group.

Phase One includes 341 units, with 102 apartments reserved for households at 80% to 120% of the Area Median Income. The project aims for 1,000 total units at full buildout.

The players

Metro Development Group

This real estate firm is utilizing the Azalea Cay project to debut its new multifamily division.

Porter Development

This development firm is partnering on the construction of the new residential community.

City of St. Petersburg

The local government contributed $6 million in funding to support the development of affordable units.

Pinellas County

The county government provided $5.25 million in funding to facilitate the housing project.

The details

Located at 1501 72nd Street North, the site received $6 million from the City of St. Petersburg and $5.25 million from Pinellas County. The first phase consists of 239 market-rate apartments alongside the income-restricted units.

Groundbreaking for the Azalea Cay community took place on October 9, 2026.

Culture Shift

This development aligns with the Florida Housing Finance Corporation's workforce housing criteria, which seek to balance market-rate units with restricted options for middle-income earners. The project highlights a broader regional shift toward mixed-income multifamily density.

Residents may see an increase in housing inventory options, specifically for those qualifying for middle-income price tiers. The project provides a tangible expansion of rental availability in the 72nd Street North corridor.

The takeaway

Large-scale residential projects like Azalea Cay demonstrate how public-private partnerships can address regional housing shortages. Residents seeking affordable options should monitor upcoming leasing schedules as construction progresses.