Focus and Bradford Allen have secured a $135 million construction loan to advance the development of 275 5th Street, a planned multifamily high-rise in downtown St. Petersburg. The financing, originated by Affinius Capital, will support construction of a 24-story, Class A residential tower that combines rental housing with ground-floor retail space in one of the city’s most walkable urban neighborhoods.
The project at 275 5th Street is designed to deliver 373 apartments along with 6,384 square feet of retail space. The residential component will offer a mix of junior one-bedroom, one-bedroom, and two-bedroom units, targeting a range of renter profiles seeking modern housing options in the downtown core. Completion of the property is currently scheduled for 2028.
Plans for 275 5th Street also include an extensive amenity package intended to enhance the resident experience. The building will feature an outdoor swimming pool and sun deck, providing on-site recreational space, as well as a fitness center equipped with dedicated yoga and spin rooms. Additional amenities will include coworking space and resident lounges, giving tenants access to flexible work areas and social spaces within the property.
Located in downtown St. Petersburg, the site is positioned near the Tampa Bay waterfront and sits two blocks south of Central Avenue, one of the city’s primary commercial corridors. This location places residents within easy reach of nearby shopping, dining, and services, while also situating the property within a highly walkable district that has emerged as one of St. Petersburg’s most desirable urban neighborhoods.
Transit connectivity is another defining feature of the project’s location. The property will be served by the PSTA bus network, providing regional bus access, as well as the Downtown Looper and Central Avenue Trolleys, which offer local circulator service. The site is also linked to the Pinellas Trail, supporting pedestrian and bicycle access and further integrating the building into the broader mobility network of the area.
With construction financing now in place, 275 5th Street moves forward as a significant multifamily and retail addition to downtown St. Petersburg, combining high-rise housing, ground-floor commercial space, and access to multiple modes of transit in a central urban setting.
