Green Mills Group Breaks Ground On $30M Affordable Housing Community

GREEN MILLS GROUP BREAKS GROUND ON $30 MILLION MID-RISE AFFORDABLE HOUSING COMMUNITY IN ST. PETERSBURG

St. Petersburg, Florida (August 21, 2024) – Real Estate Developer Green Mills Group announced the groundbreaking of Burlington Post II, their latest affordable housing community, to be built at 3295 Burlington Avenue North. The $30 million new construction development will be a second phase of Burlington Post.

Future residents will have access to a fitness studio, library/computer room, community/game room, and on-site management and maintenance.

“Amidst the housing shortage in St. Petersburg, it's crucial that we prioritize our most vulnerable residents—this includes our seniors—by ensuring they have access to quality, affordable housing. We're witnessing a wave of new and needed affordable housing projects across the city, and the Burlington Post II development couldn't be more timely,” stated Mayor of St. Petersburg Kenneth T. Welch. “This marks a significant step in addressing our housing crisis, particularly for our senior community. My administration is steadfast in its commitment to expanding affordable housing, meeting the growing demand, and striving to achieve the goals in our Housing Opportunities for All plan.”

Burlington Post II is financed with City, County, State, Federal, and private sources. Green Mills Group was allocated tax credits, SAIL, NHTF, and ELI subsidies from Florida Housing Finance Corporation. The City of St. Petersburg and Pinellas County awarded the community with nearly $8MM of various sources. Fifth Third Bank is the construction lender and Neighborhood Lending Partners of Florida is the community’s long-term, senior commercial lender. Raymond James Affordable Housing Investments, also based in Pinellas County, is the development’s LimitedPartner. Green Mills Group contributed more than $1MM to balance the development budget.

“We’re proud to provide new, fully-amenitized, professionally managed homes for seniors and veterans in St. Petersburg and Pinellas County. The groundbreaking of Burlington Post II marks a significant milestone - after years of planning and hard work - and will be our third development here,” said Mitchell Rosenstein, principal and co-founder of Green Mills Group. “Our team is grateful to the many financing partners and professionals who helped make this new community a reality.”

Burlington Post II will include 75 new units, a parking garage for both phases, and additional amenity spaces. The first units should be ready for occupancy in late 2025. For more information, please visit greenmillsgroup.com/project/burlington-post-ii/.

ABOUT GREEN MILLS GROUP:

Green Mills Group, LLC (and affiliated entities) is a real estate development firm based in Fort Lauderdale. The company’s expertise is “green” multifamily development with a focus on affordable/workforce housing and neighborhood revitalization. Green Mills’ team has managed the development and financing of approximately 70 residential communities, representing more than 7,000 apartments and $1 billion in total development value.

For more information about Green Mills Group, please email media@greenmillsgroup.com or visit www.greenmillsgroup.com