What is now a big parking lot in St. Petersburg’s Skyway Marina District could turn into one of the city’s more affordable new addresses, if a Nashville developer gets the green light. Elmington Capital Group has filed plans for Skyway Flats, a five-story, 174-unit affordable apartment community with rents projected to start at $512 per month. The building is proposed for a 2.87-acre site at 3600 34th Street South and would reserve apartments for young people aging out of foster care.
The plans call for 28 one-bedroom, 100 two-bedroom and 46 three-bedroom units, along with a fitness center, community room and in-unit washers and dryers, according to St Pete Rising. Proposed resident services include financial-literacy classes, job-readiness training and connections to local health programs. Project materials also tout Energy Star appliances, walk-in closets and granite countertops as standard finishes.
Developer and public pitch
Elmington is a Nashville-based developer that says it has built and manages thousands of multifamily units around the country, per Elmington. For Skyway Flats, the team is pitching a land-lease structure designed to keep the property affordable over the long term and is seeking public backing to acquire the site. The county’s voter-approved 1% sales tax, detailed on the Penny for Pinellas site, funds long-term projects and can be used to support community-vitality and housing initiatives.
Financing and timeline
The Skyway Flats budget is pegged at about $76.8 million, and Elmington has asked Pinellas County for roughly $6 million from Penny for Pinellas to help cover land acquisition, according to St Pete Rising. The application outlines roughly $29.8 million in tax-credit equity from Raymond James, an $8.3 million SAIL allocation from the state (a program administered by Florida Housing), more than $20 million in debt financing and about $4.15 million in developer equity. Elmington’s materials say the goal is to secure site-plan approval and permits by early 2027 and wrap up construction in early 2029.
Where it fits in the neighborhood
The Skyway Marina District has been in transformation mode for years, with market-rate and affordable projects stacking up, including multi-phased developments like Sky Town and several large apartment complexes that have reshaped 34th Street South, according to the Skyway Marina District organization. Local reporting and developer filings say nearby income-restricted communities are running at high occupancy, a trend Elmington cited in its application. Supporters argue Skyway Flats would bring badly needed lower-cost options as new market-rate construction continues to change the corridor.
Pinellas County commissioners are slated to take up Elmington’s funding request at their regular meeting on Tuesday, March 24, 2026, with details posted on the county calendar. Pinellas County lists the March 24 session on its schedule.
