Metro Development Group Breaks Ground on Its First Apartment Project: 1,056-Unit Azalea Cay

• Metro Development Group and Porter Development have broken ground on Azalea Cay at 1501 72nd Street North in St. Petersburg, Florida, launching the first phase of a planned 1,056-unit multifamily community.
• The first phase will deliver 341 apartments, including 51 units for households earning up to 80% of AMI and another 51 for households earning up to 120% of AMI. The remaining 239 units will be market rate.
• Phase one represents approximately $109.8 million of investment, with the broader project backed by $63.5 million in financing and $11.25 million in combined city and county support.

What Metro And Porter Are Building

Metro Development Group and Porter Development are transforming the former Raytheon property in west St. Petersburg into Azalea Cay, a three-phase apartment community planned for approximately 1,056 residences across the 29-acre site. The first phase will distribute 341 apartments across three buildings, with floor plans ranging from one to three bedrooms. The project is Metro Development Group's first multifamily community as the company expands beyond its residential lot and master-planned community business.

 

 

What The Mixed-Income Strategy Includes

Azalea Cay will combine market-rate apartments with income-restricted housing. Of the first 341 units, 102 will be income restricted, split evenly between households earning up to 80% and 120% of AMI. The remaining 239 apartments will be market rate. The income-restricted homes are required to remain affordable for at least 50 years, according to local reporting.

What The Financing Brings To The Project

Porter Development secured $63.5 million from Valley National Bank ahead of construction. The project also received $6 million from the City of St. Petersburg and $5.25 million from Pinellas County's Penny for Pinellas affordable housing program. The public investment helps support the project's mixed-income component while private financing moves the first phase into construction.

What Comes Next For Azalea Cay

The development is a revised version of the former Azalea Gateway proposal, which went through multiple iterations after the site was previously considered for a sports center. The property was formerly an office campus for Raytheon Technologies. With phase one underway, Azalea Cay is positioned to add hundreds of new apartments to west St. Petersburg, with two additional phases planned to bring the community to more than 1,000 units.