GALLERY HAUS

254-Unit Class-A Multifamily Development | Downtown St. Petersburg Opportunity Zone
Data-Driven Development | Design with Discipline

A 22-story, ground-up multifamily tower designed by Baker Barrios Architects and managed by Bozzuto, positioned adjacent to the Tropicana Field redevelopment and the Pinellas Trail in one of Florida's most dynamic urban markets.

254

Units

$125M

Development Cost

15.5%

Target IRR

2.78x

Equity Multiple

Project Snapshot

Units:	254 Class A apartments
Stories:	22
Residential SF:	~190,500 NSF
Retail SF:	7,007 SF street-level retail
Total Development Cost:	~$125M
Equity Raise:	$53.5M

Target IRR:	15.5% (levered)
Target Equity Multiple:	2.78x
Exit Cap Rate:	4.75%
Average Rent:	~$3,585/month
Target Delivery:	Q2 2028
Location:	Downtown St. Petersburg Opportunity Zone

Market Positioning

Market Recognition

#1 Place to Live in Florida (2024)
Top-tier U.S. lifestyle destination with nationally ranked beaches
Adjacency to the $6.5B+ Tropicana Field redevelopment

Investment Thesis

Delivering Q2 2028 into a constrained Class A supply pipeline (<1,000 units through 2026)
Immediate adjacency to Tropicana Field's multibillion-dollar mixed-use redevelopment
Frontage on the 47-mile Pinellas Trail, capturing active-lifestyle demand
Qualified Opportunity Zone location with potential tax-advantaged return profile

💰 Strong Income Depth in Immediate Trade Area

St. Petersburg's urban core contains a deep pool of high-earning renter-by-choice households. Within a short radius of the site, more than 36,000 households earn over $120,000 annually — the income band that comfortably supports a ~$3,585 monthly rent. The submarket continues to attract young professionals, medical/tech talent, and remote-work households seeking high-quality Class A living.

📈 Affluent Migration Tailwinds

In-migrating households to St. Petersburg bring median incomes far above the county baseline, expanding the addressable renter pool for top-tier multifamily assets.

Location Intelligence & Data Science

Black Salmon's proprietary location intelligence platform tracks anonymized mobile devices across Tampa Bay to understand how target households actually live, move, and spend time. For Gallery Haus, the platform validated this site as the optimal intersection of daily activity, employment access, and lifestyle amenities, reducing site-selection risk and sharpening lease-up strategy.

This data-science advantage informs site selection, amenity sizing, and targeted marketing—translating behavioral analytics into underwriting discipline and competitive differentiation.

1,251

Points of Interest

41,139

Local Residents Tracked

Of 5,831,010 total unique mobile handsets tracked citywide in September; remainder were visitors from out of area

259,343

Total Population

36,000+

High-Income Households

Earning $120K+ • Core addressable market for ~$3,585/mo rent

Analytics and underwriting are focused on this upper-income cohort as the core renter universe for Gallery Haus.