The City of St. Petersburg has 85 new, energy-efficient apartments now available to seniors in need. Located at 635 64th Street South, St. Petersburg, Bear Creek Commons marks a milestone in addressing the critical need for affordable housing in the area.
Bear Creek Commons broke ground in June 2023 and now offers 85 energy-efficient rental units, including 47 one-bedroom/one-bathroom units and 38 two-bedroom/two-bathroom units. The property is reserved for seniors, with rents available at 30%, 60%, and 80% of Area Median Income.
“Affordable housing for all St. Petersburg residents is a top priority of my administration because we know that stable housing opportunities create strong neighborhoods and a thriving community,” said Mayor Kenneth T. Welch. “Bear Creek Commons will serve some of our most vulnerable populations by providing safe and secure housing for our seniors and elderly residents; and ultimately, the success of this project demonstrates the importance of innovative public-private partnerships to improve the quality of life for St. Petersburg citizens. I look forward to seeing the impact of Bear Creek Commons will have on its community while also remaining committed to increasing housing opportunities for all.”
Managed by Carteret Management, Bear Creek Commons provides residents with a range of amenities, including a game room, art hall, and gazebo. In addition, Carteret Management offers residents 24-hour support to assist residents with urgent needs, a resident assurance check-in program, adult literacy programs, and assistance with light housekeeping, shopping, and laundry.
The property represents a $25 million investment in the community, with financing supported by Florida Housing Finance Corporation, Pinellas County Housing Finance Authority, Raymond James Affordable Housing Investments, TD Bank, and Raymond James Bank.
The City of St. Petersburg contributed a total of $6.6 million, which included $4.6 million from City funding sources for construction and $2.1 million from Penny Land Trust funds for property acquisition and demolition of the former church on the property.