Construction begins on Lake Maggiore development with workforce housing

Construction begins on Lake Maggiore development with workforce housing

Rendering of the Lake Maggiore Apartments

More housing options are on the way as demand in St. Pete – and the entire region – continues to grow. Lake Maggiore Apartments, which just had its official groundbreaking ceremony, will bring 330 units to its location at 3049 6th Street South, 20 percent of which will be reserved for workforce housing. Those units will be open to those earning between 80-120% of the area’s average median income (AMI), providing much needed housing at reasonable rental rates.

Developed by St. Pete-based Stoneweg US, Lake Maggiore Apartments will provide multifamily and workforce housing units in one and two-bedroom units, as well as 14 townhomes offering 1,500+ square feet of family space. Amenities will include a clubhouse with a swimming pool, a fitness center, mail room, community event space, maintenance building, dog park and
community gardens.

Advertisement

In addition to the promise for workforce housing, Stoneweg is also committed to implementing environmentally sustainable practices that are practical, achievable, and improve their residents’ quality of life. As such, the company will submit the project Green Globes Certification, which will provide a guide to understanding sustainable building design and operations.

The complex will occupy roughly 11 acres of the 14-and-a-half acre lot, consisting of nine buildings rising to three and four stories. Construction on Lake Maggiore Apartments is expected to finish early 2024.

Rendering of a clubhouse

Based in St. Petersburg, Stoneweg US strives to develop multifamily assets with the goal of enhancing the communities in which they are located, all while delivering above-market returns to their investors. Through detailed research and robust analysis, they identify unique development opportunities in multifamily housing, then aggressively seeking to maintain affordability through maximization of density, reduction in construction costs and utilization of creative financing and/or government programs.

Boldline Design Group has been engaged as the Project Architect, Vickstrom Engineering as the Project Civil Engineer and REAL Building Consultants as the Green Building Consultant.

Advertisement

Subscribe Now

Don’t miss out on All Things Good in the Burg 👉

👇 GET UPDATES 👇

Stay connected to All Things Good in the Burg by subscribing today.

Recent Stories