ST. PETERSBURG, Fla. (WFLA) — Historic housing project Jordan Park Apartments will break ground on its redevelopment on Friday. The St. Petersburg Housing Authority confirmed the construction project to start a month after receiving final funding approval for the redevelopment.

Kicking off at 10 a.m., SPHA and its project partners, including Norstar Development USA who is responsible for the project construction, will hold a ceremony to discuss how the aging property will be revitalized.

Jordan Park is a 20-acre property first built-in 1939. It was the state of Florida’s oldest public housing site. After falling into disrepair, some reconstruction efforts took place in 2001. Twenty years later, and after four years of redevelopment planning, SPHA and its community partners were finally able to begin fixing up and rehabilitating the aging site.

The housing property will be redeveloped through a two-phase, $93 million construction effort. The site’s Historic Village will be demolished to make way for a 60-unit senior midrise, and the other housing units will be revamped from 2022 to 2024 in stages.

In total, the project will provide affordable housing to vulnerable residents in St. Pete, prioritizing housing for families. In Phase I, 97 units will be rebuilt and outfitted with more modern appliances, funded by part of a $2 million grant from the City of St. Petersburg. The modernization effort will continue, with Phase II fixing up and rebuilding the remainder of the property’s 206 housing units through the first quarter of fiscal year 2024.

During Phase I construction, the property clubhouse and management office will also be remodeled. According to SPHA, 85% of the units at the location will be set for residents who earn 60% or less of the area median income. The rest of the units will be used for those who earn even less, making 30% or less of the AMI. An area median income is the midpoint of a region’s income level, according to definitions by the U.S. Dept. of Housing and Urban Development.

In St. Pete, the AMI is $59,050 for a family of four, according to officials. SPHA has promised that Jordan Park’s units “will remain affordable to low-income individuals and families.”

On top of the amenities, such as washers and dryers in every apartment, more parking options and community spaces, residents will be offered financial counseling and health and nutrition classes. Education for computer use and homebuying seminars will also be available, according to the housing authority.

Funding for the redevelopment came from a variety of partners and sources, including “multifamily mortgage revenue tax exempt bonds from the Pinellas County Housing Finance Authority, a construction loan from the South St. Petersburg Community Redevelopment Agency, low-income housing tax credit equity from RBC, and construction and permanent loans from KeyBank (as agent for Fannie Mae for permanent loan). The Florida Housing Finance Corporation allocated the low-income housing tax credits, and First Housing served as the credit underwriter for the Pinellas County HFA and Florida Housing Finance Corp.”