Wood Partners Closes on Alta Roosevelt Delivering Attainable Housing in Saint Petersburg

Wood Partners has closed on Alta Roosevelt, a 381-unit multifamily community in St. Petersburg, Florida, with ground breaking planned for May and delivery scheduled for April 2028. The centrally located, five-story development sits on 11.56 acres along Roosevelt Boulevard in the Gateway district, roughly 10 minutes north of downtown St. Petersburg.

Alta Roosevelt was entitled through the City of St. Petersburg affordable housing code and Florida’s Live Local Act, which permits multifamily development on sites not originally zoned for residential use. As part of the project, 40 percent of units will be reserved for households earning at or below 120 percent of area median income, addressing demand for attainable housing in the market.

The project will involve demolition of the existing office building while retaining and upgrading a structured parking garage to serve future residents. Alta Roosevelt directly abuts the Power Design headquarters campus, which includes a publicly accessible park and trail system, and is located near major employment centers including the Raymond James and Jabil office campuses.

The community will offer a mix of one, two and three bedroom apartments and amenity spaces designed for wellness and connectivity. Planned amenities include a resort-style pool, grilling stations, garden pavilions, a state-of-the-art fitness center, and a wellness-focused spa area with a cold plunge and sauna. Interior and social amenities will include a clubhouse with co-working spaces, a game room, lounges and a golf simulator.

“We’re looking forward to partnering with the City to deliver much-needed, high-quality attainable housing to the area,” said Tyler Hurd, managing director at Wood Partners. “There’s strong demand in St. Petersburg, and this project not only provides modern living options, but also creates spaces that help residents connect with the broader community.”

Alta Roosevelt illustrates a development approach that combines entitlement pathways, partial adaptive reuse, and targeted income-restricted units to expand housing options in a growing region. For owners, operators and capital providers, the project underscores the role of policy tools and site-specific strategies in bringing attainable multifamily supply to market.