Wood Partners Closes on Alta Roosevelt Attainable Multifamily Community in St Petersburg

Wood Partners has closed on Alta Roosevelt, a centrally located 381-unit multifamily community in St. Petersburg, Florida. The project is slated to break ground in May and to deliver in April 2028.

Alta Roosevelt was entitled through the City of St. Petersburg's affordable housing code and Florida's Live Local Act, which allows for multifamily development on sites not originally zoned for residential use. As part of the project, 40 percent of the units will be reserved for residents earning at or below 120 percent of the area median income. The development will involve demolishing the existing office building, while the structured parking garage will be retained and upgraded to serve future residents.

"We're looking forward to partnering with the City to deliver much-needed, high-quality attainable housing to the area," said Tyler Hurd, managing director at Wood Partners. "There's strong demand in St. Petersburg, and this project not only provides modern living options, but also creates spaces that help residents connect with the broader community."

Situated on 11.56 acres along Roosevelt Boulevard in the Gateway district, Alta Roosevelt sits about 10 minutes north of downtown St. Petersburg and offers direct access to major employment hubs and nearby neighborhoods. The site directly abuts the Power Design headquarters campus, which includes a publicly accessible park and trail system, and is located near the Raymond James and Jabil office campuses, two of the region's largest employers.

The five-story community will feature a mix of one-, two- and three-bedroom floor plans. On-site amenities are planned to include a resort-style pool, grilling stations, garden pavilions, a state-of-the-art fitness center and a wellness-focused spa area with a cold plunge and sauna. Residents will also have access to a clubhouse with co-working spaces, a game room, lounges and a golf simulator.

Alta Roosevelt illustrates how local policy mechanisms and private development activity can be combined to increase attainable housing supply in growing markets. Multifamily Leadership will continue to monitor project milestones and share developments relevant to operators, investors and municipal partners engaged in multifamily housing and community placemaking.