A St. Petersburg developer, Mack Feldman, has proposed an idea to pair new development opportunities in the city’s Coastal High Hazard Area with impact fees dedicated to flood resilience infrastructure. This approach aims to make new development pay for the added risk of building in vulnerable waterfront neighborhoods.
Addressing Climate Change
Feldman argues that the city should embrace carefully planned redevelopment in some coastal neighborhoods rather than slowly abandoning them. He envisions allowing more housing, specifically townhomes and neighborhood-scale apartments, in carefully selected waterfront areas while requiring developers to help fund the infrastructure those projects would require.
The proposal builds on impact fees, which St. Petersburg already charges developers to help offset costs associated with growth. Feldman suggests that the city should consider similar fees dedicated specifically to climate resilience. Revenue generated through these fees could fund projects such as hardened evacuation routes, new hurricane shelters, and roadway elevations.
Benefits and Challenges
Feldman believes that this approach would not only reduce flood damage but also offer alternatives to the increasingly common pattern of oversized luxury homes replacing older houses. However, he acknowledges that the proposal would not totally solve the city’s infrastructure funding challenge on its own, with St. Petersburg estimating it needs roughly $2 billion in resilience improvements over the coming decades.
Original reporting: St. Pete Catalyst — read the source article.
