KeyBank Community Development Lending and Investment and KeyBank Real Estate Capital announced it provided $69.7 million of capital for the redevelopment of Jordan Park Apartments in St. Petersburg, FL, by Norstar Development USA-CDL, an affordable housing developer headquartered in Buffalo, NY, and the St. Petersburg Housing Authority.
Jordan Park Apartments, St. Petersburg’s first Black public housing community, was originally built beginning in 1939 on land donated by African American businessman Elder Jordan Sr. The 24-acre site contains single-family, duplex, triplex and quadplex buildings, whose former residents will have first right to return as the repositioned facility begins to reopen. The first phase of its redevelopment involves the new construction of a six-floor midrise building for seniors ages 62 and up, and the substantial rehabilitation of 41 buildings containing 97 units of affordable housing for families.
