Metro Development Group Breaks Ground on $109.8 Million, 341-Unit Azalea Cay in St. Petersburg

Metro Development Group, in partnership with Porter Development, has broken ground on Azalea Cay, a residential community at 1501 72nd Street North in St. Petersburg, Florida. The project marks Metro Development Group's entry into multifamily development.

The groundbreaking ceremony included Mayor Ken Welch, Pinellas County Commissioner Brian Scott, St. Petersburg City Councilmember Copley Gerdes, and representatives from both development companies.

Phase 1 represents a $109.8 million investment and will deliver 341 apartments. According to the announcement, 51 units will be designated for households earning at or below 80 percent of the Area Median Income (AMI), and 51 units will be available to households earning at or below 120 percent AMI. The remaining 239 apartments will be offered at market rate.

"Azalea Cay demonstrates what is possible when the public and private sectors work together toward a shared goal," said Kartik Goyani, principal of Metro Development Group. "The support of the City of St. Petersburg and Pinellas County has helped make it possible to move this important project forward. Together, we are creating more housing choices while bringing new life and long-term value to this property."

The development is supported by $11.25 million in public investment. The City of St. Petersburg approved $6 million for Phase 1, while Pinellas County committed $5.25 million in Penny for Pinellas affordable housing funds.

"This project will directly benefit our community by bringing together affordable, workforce, and market-rate housing," said Mayor Kenneth T. Welch. "It will provide more housing options for the people who make St. Pete work every day, teachers, first responders, hospitality workers, and so many others who want to live in the community they serve."

Azalea Cay is planned as a 3-phase community with approximately 1,000 apartments at full buildout.