Best Real Estate Deals: Top Tampa Bay reuse/rehab project of 2025

Newstar Development, Pinellas County Housing Authority and Palm Lake Christian Church teamed up to build an 86-unit affordable housing development on a vacant portion of the church’s property in St. Petersburg.

The units will be reserved for those earning up to 80% of the annual median income. Newstar secured $47 million in financing for the project, which includes a $1.54 million contribution from the city of St. Pete.

Palm Lake Christian’s project was approved in 2023. Brooks & Freund is the general contractor and will lay the foundation and construct the apartment building.

Pinellas County Housing Authority

Developer: Newstar Development

Inside the deal: "Palm Lake Urban Sanctuary addresses St. Petersburg's affordable housing shortage by providing 86 units for workforce families earning 30% to 80% of the area median income, serving residents that may include teachers, health care workers and essential community members facing housing insecurity," according to entry materials. "The project establishes a replicable faith-based partnership model, demonstrating how religious institutions can leverage underutilized land for community benefit. As a House Bill 1339 pioneer, it creates a precedent for similar developments across Florida, potentially unlocking institutional land for affordable housing."

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