ST. PETERSBURG, Fla. (WFLA) — After final financing for the redevelopment of Jordan Park Apartments was decided, the St. Petersburg Housing Authority announced that the project funding has closed. For the city and its residents, that means the greenlight to begin the development project can now begin.

SPHA, along with co-developer Norstar Development USA, LP and with financial partners Fannie Mae, KeyBank and RBC Investments will start redevelopment and rehabilitation of Jordan Park Apartments in 2022.

“This closing marks the beginning of the transformation process for Jordan Park, honoring the long and rich history of the community, but dramatically enhancing the quality of life for all the residents that will call Jordan Park home,” said Michael Lundy, SPHA President and CEO. “A lot of smart, dedicated people from different agencies, firms, and financial institutions came together to get us to this critical point, and I know the finished product will be something that will make the entire team proud.”

The public housing site is the oldest housing project in Florida and will feature 206 family units and a 60-unit senior midrise upon completion of the renovations.

In Jordan Park’s Historic Village, the 31 vacant units will be demolished to make room for the new midrise building.

“Today, with the completion of this closing, Jordan Park is poised on the edge of change. As a board, we are delighted that our families will reside in updated and modernized apartment homes, surrounded by amenities and services that will foster community well-being and self-sufficiency,” said James Dates, SPHA Board Chair.

Jordan Park’s facelift, a full rehabilitation and redevelopment, will cost roughly $93 million and be split into two main phases, with construction expected to occur through early 2024. The first phase will start in 2022 and be complete in 2023. Midway through, Phase 2 will start.

When Phase 2 begins in the second half of 2022, developers will renovate the remaining family units at the site that were left after Phase 1’s start. A $2 million contribution from the City of St. Petersburg will be used to furnish each apartment with washers and dryers, and to construct additional parking locations at Jordan Park.

In all, the nearly $100 million project will modernize the aging historic housing location and allow it to continue giving low-income residents of St. Petersburg access to safe, affordable housing. Other funding partners include the bond issuer, the Housing Finance Authority of Pinellas County and the City of St. Petersburg, which provided Community Redevelopment Area funds toward the project.

SPHA expects to finish all of the Phase 1 construction and rehabilitation by August 2022. Phase 2 will start immediately after.