The last time the residential tower at 801 Chestnut St. had a change of ownership, it was a blow to local housing advocates.
Now the Chestnut Street property is poised to transition once again, this time back to its roots. An investment group is proposing to convert the tower back into affordable housing with city and county funding as officials try to expand options amid skyrocketing rents in the Tampa Bay region.
The $47.8 million project includes a $1 million commitment from the city’s state and federal housing dollars, $2 million from the Clearwater Community Redevelopment Agency and $7 million from Pinellas County’s Penny for Pinellas one-cent sales tax dollars.
Read more here