Wood Partners Advances Florida Expansion with Affordable Housing Play

Event summary

  • Wood Partners closed on Alta Roosevelt, a 381-unit multifamily development in St. Petersburg, Florida.
  • Construction is slated to begin in May 2026, with completion expected in April 2028.
  • 40% of the units (approximately 152) will be designated as attainable housing, targeting residents earning up to 120% of the area median income.
  • The project leverages Florida’s Live Local Act and the City of St. Petersburg’s affordable housing code.
  • Wood Partners will retain and upgrade an existing structured parking garage as part of the development.

The big picture

Wood Partners' move into attainable housing aligns with broader trends of increasing demand for affordable living options and favorable regulatory tailwinds in Florida. The Live Local Act, in particular, is incentivizing multifamily development in areas previously restricted, creating new opportunities for developers. With a $24 billion capitalization and a national presence, Wood Partners is well-positioned to capitalize on this trend, but faces execution and regulatory risks inherent in navigating complex entitlement processes.

What we're watching

Regulatory Landscape
The success of Alta Roosevelt hinges on the continued support of the Live Local Act and municipal affordable housing initiatives; shifts in either could impact Wood Partners’ development pipeline.
Execution Risk
Demolishing an existing structure while retaining and upgrading a parking garage presents construction complexities that could impact the project's timeline and budget.
Market Dynamics
The demand for attainable housing in St. Petersburg will dictate the project’s financial performance; increased competition or economic downturns could impact occupancy rates and rental income.

Related topics

Affordable Housing