Atlanta-based developer Wood Partners has officially scooped up the former Bankers Financial headquarters in St. Petersburg's Gateway area, closing on the property Tuesday for roughly $22.5 million. The firm plans to flip the long-running office campus into around 400 apartments under a new project it has named Alta Roosevelt.
According to the Tampa Bay Business Journal, the deal covers the office complex that has long housed Bankers Financial and puts Wood Partners in control of one of the city's larger undeveloped sites. The outlet reports that the developer closed on the land with an eye on securing approvals and financing for a roughly 400-unit community.
City records and previous filings show the property is an 11.57-acre campus at 11101 Roosevelt Blvd. N., once floated as a 381-unit project featuring a mix of one-, two- and three-bedroom apartments wrapped around a multi-level parking garage. The St. Pete Catalyst covered that original submission, noting that planners flagged the employment-center zoning and the site's location in a coastal high-hazard area as key points to solve.
How the Live Local Act shapes the deal
Wood Partners has indicated it plans to use Florida's Live Local Act to qualify the project, leaning on a state law that allows multifamily housing in commercial and mixed-use zones in exchange for committing to affordability. As outlined by Florida Housing, projects that tap the program must meet requirements that include long-term affordability set-asides along with incentives that can lower development costs and potentially speed local approvals.
Local approvals and site challenges
City planners have already pointed out some complications. The property sits inside a Coastal High Hazard Area, and staff have flagged impact fees and sewer-connection credits that could significantly shape the project's budget. The St. Pete Catalyst reported on internal emails in which administrators discussed a $1,420 per-unit multimodal impact fee and potential utility credits tied to the existing office building on the site.
Wood Partners, headquartered in Atlanta, is a multifamily specialist with a hefty southeastern portfolio. The company's own site, Wood Partners, notes that it has developed tens of thousands of homes across the country and, in Florida, has rolled out several communities under the Alta banner. The firm typically combines market-rate apartments with structured parking and amenity packages tuned to regional demand.
Next steps
The St. Petersburg project now heads into the city review and permitting gauntlet, a phase that will lock in the final unit count, refine storm-resilience design details, and shape the construction schedule. The Tampa Bay Business Journal notes that while Wood Partners has closed on the land, officials have not yet announced a construction timeline. For now, neighbors and city planners are watching to see exactly how the Live Local incentives will be woven into the Alta Roosevelt blueprint.
