ST. PETERSBURG — Crews will break ground on yet another apartment tower Tuesday in downtown St. Petersburg, one more big spark for Tampa Bay's rental boom as developers race to profit from growing demand.
American Land Ventures, the tower's Miami-based developer, plans to build 358 one-, two- and three-bedroom apartments in a 17-story tower at 330 Third St. S alongside five stories of parking. Work is planned for completion in 2016.
Apartment development here has roared as investors have increased their bets on a continuing shift toward the rental life. Tampa Bay's rate of homeownership has plunged to a record low, rents are climbing, and many potential home buyers are priced out of the market or unable to qualify for loans.
Hundreds of new apartments have been recently built or are under way in Tampa's Channel District, in buildings like Pierhouse, SkyHouse Channelside and the Martin at Meridian, and nearby in St. Petersburg, in buildings like Beacon 430 and the Hermitage.