Approximately 150 people attended the grand opening and ribbon cutting on December 12, 2013 of the newly renovated $7.8 million 540 Town Center, located at 540 2nd Avenue South in St. Petersburg, FL. 540 Town Center is developed by south Florida-based Housing Trust Group, a leading affordable housing developer, and Chadwick Tax Credit Development, LLC. With this development, Housing Trust Group is helping to meet a much-needed demand for senior housing in the St. Petersburg rental market.
Affordable housing targeted at seniors, a total of 145 units 1 bedroom/1 bath units were completed with a construction value of $7.8 million in total renovations. Funding for the project came from $10.6 million in tax credit equity from Raymond James tax credit funds, $8.7 million in a permanent loan from Raymond James Bank and an $8.2 million construction loan from Raymond James Bank.