Metro Development and Porter Development have launched construction on the first phase of Azalea Cay, a mixed-income apartment complex in St. Petersburg, Florida. This initiative kicks off a three-phase buildout that will eventually encompass 1,056 units at 1501 72nd Street North, replacing a former office campus that previously housed RTX.
The balance of 239 apartments will be priced for the broader market. Total financing for the project amounts to $63.5 million, with $11.25 million coming from public sources. Of that, $6 million originates from the city of St. Petersburg, while $5.25 million is provided by Pinellas County’s Penny for Pinellas affordable housing fund.
The site’s history includes earlier proposals for a mixed-income community called Azalea Gateway, which surfaced in the early 2020s. Before that, developers had considered a sports center for the location. The current project represents a deliberate shift in St. Petersburg’s housing priorities, focusing on affordability in a region with limited supply.
Leading the effort is Metro Development Group, a Tampa-based firm specializing in large-scale residential and commercial projects. The company’s portfolio includes over 100,000 residential lots, 5,000 multifamily units, and 35 million square feet of commercial space across more than 70 communities. Past collaborations have involved major developers such as Lennar, D.R. Horton, and Dream Finders.
Despite ongoing construction activity in the Tampa-St. Petersburg area, the multifamily sector has seen little rent growth. The development pipeline currently holds 16,146 units in progress, yet demand has not yet driven meaningful price increases.
This project aligns with broader trends in Florida’s housing market, where developers increasingly incorporate affordable units into larger mixed-income complexes. The combination of public funding and private investment aims to address St. Petersburg’s housing shortages while maintaining market-rate options for higher-income residents.