The Housing Finance Authority of Pinellas County has closed a $103.4 million financing package to purchase and renovate the downtown St. Petersburg apartment building now known as Skye Isle. The year‑long project will modernize 188 affordable senior apartments, improve accessibility, and add health‑focused amenities.
Renovation details
Located at 518 Third Avenue S., the former Viridian will receive new plumbing, rooftop cooling equipment, impact‑resistant windows, and upgraded mechanical systems. Inside each unit, residents will see new kitchen cabinets, granite countertops, energy‑efficient appliances, slip‑resistant flooring, and expanded bathrooms with accessible showers and grab bars.
Wellness and support services
Beyond the apartments, the plan includes a wellness center offering telehealth access, on‑site medical visits, fitness programs, balance exercises, and fall‑prevention classes. A dedicated social‑services coordinator will assist residents with paperwork and other needs.
Financing and oversight
Debra Koehler of Sage Partners, which has managed the property since 2009, confirmed that the financing package combines $27 million in bonds issued by the Housing Finance Authority, federal housing tax‑credit equity, private lending, and city and state assistance. County commissioners approved the bond authorization in May; the bonds do not create a direct financial obligation for Pinellas County.
“We wanted to basically transform the building for our seniors,” Koehler said. “I did not want to cut scope.” The renovation will proceed floor by floor, allowing most residents to remain in the building while a small number temporarily relocate to vacant units or a nearby hotel.
Impact on seniors
Residents, whose average age is in the mid‑70s and who rely primarily on Social Security with an average annual income of about $17,500, will benefit from the upgrades without facing rent increases. Affordability restrictions have been extended for another 50 years, preserving the building as low‑cost housing for seniors.
Koehler noted that without the purchase and renovation, the property could have shifted to market‑rate housing, potentially displacing many seniors. “Some may have been homeless,” she warned.
Construction timeline
Hennessy Construction Services is handling the work, which is expected to take roughly one year. Once plumbing is completed, individual apartment upgrades should require 30 to 35 days each. Residents have been briefed about temporary water shutoffs and other disruptions, and the project team has hired a professional moving company to manage the relocation of belongings.
Future look
When finished, Skye Isle will feature a white exterior, dark‑framed windows, and prominent signage. Plans also call for a mural by a local artist, a coffee bar, a cybercafé, and renovated common areas, bringing amenities typically found in high‑end buildings to a senior‑friendly setting.
The renovation reflects a broader commitment by local officials and private partners to preserve affordable housing, support aging residents, and strengthen downtown St. Petersburg’s community fabric.
Original reporting: St. Pete Catalyst — read the source article.
