Developer Green Mills Group Hosts Grand Opening of New Affordable Housing Community providing 53 residences
St. Petersburg, FL (June 21, 2017) – The City of St. Petersburg will celebrate the grand opening of Burlington Place, a new affordable housing development within the City’s Historic Kenwood Neighborhood, on Friday, June 23, at 2 p.m. Burlington Place, a “green” certified community at 3155 Burlington Ave. N., will have 53 residences, on-site professional management, a fitness center, clubroom and other amenities.
Burlington Place’s financing partners include TD Bank, Raymond James Tax Credit Funds and the City of St. Petersburg. TD Bank provided a combined investment of approximately $12 million in federal tax credit equity through its Community Capital Group and a $4 million construction loan through its Commercial Real Estate Group. State Housing Initiative Partnership (SHIP) financing was provided by the City of St. Petersburg.
“As St. Petersburg continues to grow, affordable housing remains one of my top priorities. The opening of Burlington Place means promise and opportunity for 53 families,” said St. Petersburg Mayor Rick Kriseman.
Since 2010, the City of St. Petersburg has invested approximately $5.7 million to help low income homeowners with repair loans; and has worked with private developers to create more than 1,100 new, affordable rental units. To learn more about what St. Petersburg is doing to increase the number of sustainable and affordable housing options, view the City of St Pete’s new video,https://youtu.be/SaZpcfYAagY.
“St. Petersburg has enjoyed pronounced growth and market rate development in recent years. Unfortunately, the supply of affordable housing within the City has not come close to meeting the local need. It took a lot of time, listening and compromise to build trust with Burlington Place’s neighbors and elected officials, but it was worth it. We think the City will be as proud of Burlington Place as we are,” said Mitchell Rosenstein, a principal and co-founder of the community’s developer, Green Mills Group.
Construction commenced in 2016 and was recently completed. Burlington Place was fully pre-leased prior to construction completion, evidencing the need for new, safe affordable housing in St. Petersburg. Total development cost equaled approximately $12.5 million. The project was developed and built on time and on budget.
“This is a very important project that will allow low-income families to have a place they can call home,” said Michael Nursey, Central Florida Market President at TD Bank. “We are incredibly proud to expand our relationship with such a great partner to provide top-quality affordable housing for the residents of the St. Petersburg community. We’re invested in making a positive impact, because this is part of what makes TD Bank different.”
During the grand opening, residents and guests will have a chance to interact with many of the groups responsible for Burlington Place’s successful completion, including the developer, financing partners and public officials.
Green Mills, LLC (and affiliated entities referred to as “Green Mills”) is a Fort Lauderdale based real estate development, management and advisory firm. Green Mills’ principals have managed the development and financing of approximately 70 residential communities which represent over 7,000 apartments and $1 billion in value. Green Mills’ development expertise includes public / private partnerships, mixed-use, mixed-financed, transit-oriented development (TOD), senior housing, complex urban-infill, supportive housing and traditional garden apartments.