BendinRoad Revises 120-Unit Residences With 48 Affordable Units in St. Petersburg

• BendinRoad Development is revising its 13-story, 120-unit Residences at 1663 project at 1663 1st Avenue South in St. Petersburg.
• 48 units will be reserved as affordable housing for households earning up to 80% of AMI, while the remaining units will serve the broader market.
• The roughly $39.4 million project is targeting a Q1 2027 groundbreaking, with completion expected in 2028.

What BendinRoad Is Changing

Tampa-based BendinRoad Development is moving forward with an updated version of The Residences at 1663, a 13-story residential project planned for St. Petersburg's Grand Central District. The development will retain its 120-unit layout, but the financing strategy has changed. BendinRoad is pursuing public funding that would allow 48 apartments to be designated affordable for households earning up to 80% of area median income. The City of St. Petersburg has recommended $4.8 million in federal disaster-recovery funding for the project. City Council is scheduled to vote on the funding October 1.

What The 120-Unit Project Will Include

The building is planned for 1663 1st Avenue South, replacing an existing vacant commercial building. Earlier plans called for 60 apartments and 60 short-term rental units, a configuration that remains reflected in BendinRoad's current project materials. Residences are expected to range from studios to two-bedroom units, with individual apartments under 750 square feet. The project will also feature a 13th-floor amenity deck with a rooftop pool, fitness center and co-working space. BendinRoad partnered with Landings Real Estate Group to acquire and develop the property. Landings says the project is part of its multifamily expansion in St. Petersburg.

What The Development Team Is Planning

Bold Line Design is serving as architect, with Kimley-Horn handling civil engineering and landscape architecture. Nicholas & Associates is the general contractor. The developer is targeting Q1 2027 for construction to begin. Local reporting indicates an estimated 18-month construction schedule, which would put completion around summer 2028. For investors and landlords, the project highlights how developers are increasingly incorporating affordable housing into market-rate developments to access public financing while maintaining the underlying scale of a project.

What The Financing Strategy Means

The affordable component is tied directly to BendinRoad's pursuit of public funding. The city has identified the project as one of several developments seeking disaster-recovery dollars to expand workforce housing. The city's earlier housing documents also show the project seeking $3 million in city funding, although the more recent recommendation calls for $4.8 million in federal disaster-recovery funding.

BendinRoad has said the goal is to use the St. Petersburg project as a model for additional development in the city. As one company representative put it, “We’d love to build more of this type of building in other parts of St. Pete.”

The project is now positioned as a 120-unit mixed-income development combining market-rate housing, short-term rentals and income-restricted apartments in a growing St. Petersburg neighborhood.