Blue Sky Communities marked a major milestone for affordable housing in Pinellas County with the opening of SkyWay Lofts II, the second phase of its SkyWay Lofts family housing community in St. Petersburg’s Skyway Marina District.
The completed four-story midrise adds 66 new apartments, expanding access to high-quality, affordable one-, two-, and three-bedroom homes for working families. With this second phase now open and fully occupied, Blue Sky Communities has delivered a total of 131 long-term affordable homes at the SkyWay Lofts site—each reserved for households earning less than 80 percent of the Area Median Income for at least the next 99 years.
For a district that has rapidly evolved over the past decade, the project represents both continuity and commitment: growth paired with long-term community stability.
“Thanks to the City of St. Petersburg, the Skyway Marina District has been transformed into one of the premier neighborhoods of our city,” said Scott Macdonald, executive vice president of Blue Sky Communities. “With the addition of 66 more units, Blue Sky Communities has now developed 131 homes for families making less than 80% of AMI for the next 99+ years. This ensures that the hardest working citizens of St. Petersburg will have the opportunity to call Skyway home.”
Building on a Proven Foundation
The opening of SkyWay Lofts II builds directly on the success of the original SkyWay Lofts, which opened in early 2022 with 65 one- and two-bedroom apartments. Together, the two phases form a cohesive family-oriented community designed to integrate affordability, sustainability, and access to everyday amenities.
SkyWay Lofts II includes 33 one-bedroom, 27 two-bedroom, and six three-bedroom apartments, addressing the growing need for larger family units in Pinellas County. Residents now have access to a thoughtfully designed mix of shared spaces, including an outdoor play area, club room, library with computer access, fitness center, and ample bike parking—features that support both quality of life and neighborhood connectivity.
Demand for the community underscores the region’s housing pressures. SkyWay Lofts II reached full occupancy upon opening, with a waitlist currently available for prospective residents.
A Public-Private Investment in Community
The $24.9 million development reflects a layered financing approach that brought together local government, state resources, and private investment—an increasingly common but still complex model for affordable housing delivery.
The project was anchored by $13.75 million in construction bonds issued by the Pinellas County Housing Finance Authority through a private placement with TD Bank. Additional funding included $6.5 million from the City of St. Petersburg, $3.4 million from Pinellas County’s Penny for Pinellas program, and $2.125 million in SAIL and National Housing Trust Fund financing from the Florida Housing Finance Corporation.
Equity financing played a significant role as well, with approximately $10.9 million in 4% tax credit equity provided by Raymond James Affordable Housing Investments, alongside a $2.2 million permanent loan from Raymond James Bank.
Blue Sky Communities’ Broader Mission
Founded in 2012, Blue Sky Communities, LLC has established itself as a leader in partnering with nonprofit organizations and local governments to develop and rehabilitate multifamily housing across Florida. The firm is known for its focus on state-of-the-art, environmentally sound affordable housing, with an emphasis on long-term affordability and community integration.
Projects like SkyWay Lofts II reflect a broader strategy: aligning public goals with private expertise to deliver housing that supports workforce stability, neighborhood vitality, and economic resilience.
As St. Petersburg continues to grow and evolve, the completion of SkyWay Lofts II stands as a reminder that affordability doesn’t have to be an afterthought—and that intentional development can ensure longtime residents and working families remain part of the city’s future.