Property Markets Group, a real estate development company, is looking at building affordable housing in the Tampa Bay Area. Property Markets Group has traditionally built luxury properties all over the coast. Headquartered in New York and Miami, it has impressive high-end units boasted on their website. In 2019, PMG launched an affordable housing arm with a focus on the Southeast — Tampa specifically.
Dan Coakley, the principal of PMG Affordable say that there is a “tremendous need” for affordable housing in urban areas. “I consider Tampa and St. Pete our epicenter outside of New York because of those reasons, but also because of the people who are in charge of the city,” Coakley said. “You’ve got the best, if not one of the best, housing authorities in the country.”
City officials in St. Petersburg as well as Mayor Jane Castor’s administration, have stated that they recognize the need for more affordable housing in their cities. Coakley mentioned looking at Ybor, Robles Park, and West River for active prospects. PMG is rehabilitating existing properties to develop into affordable housing, and they were close to finalizing an apartment deal near Ybor City until COVID-19 hit and their deal was subsequently put on hold.
However, Coakley believes that the virus will ultimately help the program. He said, “with COVID happening, because of the terrible impact on the employment and the loss of jobs, there’s going to be people who are currently market-rate renters who are going to need to rely on support and access of an affordable housing program.” Monthly apartment rents would begin around $400 and run up to 900$ depending on the size of units. There are certain units that would be dependent on tenants’ income brackets as well.
This project hits close to home for Coakley who said, “My father grew up in public housing. We wouldn’t be where we are without him having had that experience with a single mother and five siblings growing up in the Boston projects,” He added, “I have a personal appreciation for the value of it and need of it.”
While the company does not expect to see an immediate profit from the projects, Coakley says it is simply the nature of affordable housing. He describes it as “ a game of singles and doubles, not home runs”. It will be exciting to see how this project goes in the coming years!
