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City council approves 99-year ground lease for 54 affordable units at 20th Street site
Summary
St. Petersburg approved a 99-year ground lease with Green Mills Holdings LLC to develop 54 affordable rental units and ground-floor retail on three city parcels on 20 Second Street South; the agreement includes an $885,000 promissory note and an affordability covenant tied to AMI levels.
St. Petersburg city council voted unanimously on Oct. 16 to approve a ground lease and development agreement with Green Mills Holdings LLC to build a mixed-use project on three contiguous city-owned parcels on 20 Second Street South.
The deal establishes a 99-year ground lease for a development that will include 54 affordable rental units and roughly 2,500 square feet of ground-floor retail. Aaron Fish, the city's real estate and property management director, said the developer will pay annual rent of $100 plus applicable taxes and execute a promissory note for $885,000; that payment may be deferred until the expiration of the required affordability period, at which point the city could choose to forgive the note.
The agreement sets a timeline tied to funding milestones: the developer must submit site plans within six months of the agreement, deliver a full building permit package within 24…
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