24 Dec 204-unit apartment building proposed for Central Avenue in west St. Pete — St. Pete Rising
The SunRunner bus rapid transit line is expected to increase property values and spur new development. PSTA is currently developing a transit oriented development (TOD) study to create guidelines to facilitate economic development along the corridor.
“The SunRunner is building on the success of the downtown resurgence, but clearly it’s also a catalyst bringing new development to the Central Avenue corridor. We know that public transportation is an economic stimulator. A study by the American Public Transportation Association (APTA) says real estate values are 40% more resilient near major transit investments and rents can also be higher as they are off-set by the reduced cost of transportation to residents,” says Cassandra Borchers, Chief Development Officer of PSTA. “PSTA is excited for this major investment in public transportation, that can support the economy and the growth of St. Petersburg, to open in 2022.”
Infrastructure investments like the West Central streetscaping project along with transportation investments like PSTA’s SunRunner project, will likely lead to more projects, like Sixty90, along the Central Avenue corridor.
DDA Development hopes to begin construction on Sixty90 in the third quarter of 2021. Construction is expected to take 15 months with a completion in late 2022 or early 2023.