Jordan Park

South St. Petersburg, FL.

Jordan Park is a redevelopment of an existing 237-unit public housing community in South St. Petersburg, FL. Newstar is co-developing Jordan Park with the St. Petersburg Housing Authority (SPHA), and the project includes the acquisition/rehabilitation of 206 garden-style family units and new construction of a 60-unit senior midrise. Once completed, the development will consist of sixty (60) one-bedroom/one-bath units, six (6) two-bedroom/one-bath units, one-hundred five (105) two-bedroom/one and one-half bath units, ninety (90) three-bedroom/ two-bath units, and five (5) four-bedroom/two-bath units. Jordan Park’s financial closing was on December 14, 2021 and construction completion is schedule for the fall of 2023. The affordability set-asides are 15% of the units (40 units) at or below 30% of AMI and 85% of the units (226 units) at or below 60% of AMI. Jordan Park’s financing 4% tax credit equity from RBC Capital Markets, tax-exempt bonds from Pinellas County Housing Finance Corporation, City of St. Pete Funds, construction and permanent debt from Key Bank (agency for permanent), and SPHA funds.