SPHA’s Graham/Rogall Properties Sold

ST. PETERSBURG, FLORIDA – On November 1, 2010, the St. Petersburg Housing Authority (SPHA) sold the Graham Park and Rogall Congregate properties, located in downtown St. Petersburg, to Urban Style Flats, LLC. Upon the sale’s closing, Urban Style Flats provided the housing authority with the remainder of the $6.8 million purchase price. SPHA had received an $800,000 non-refundable deposit on the buildings from the buyer in May.

Dr. Arnett Smith, chairman of the SPHA Board of Commissioners, said, “While the sale of Graham/Rogall was a long and sometimes contentious process, we are pleased with the outcome. The SPHA Board of Commissioners is proud that, through our partnership with Urban Style Flats, we are able to take buildings that were not viable for one purpose and give them a new lease on life to the benefit of the city and its residents.”

The 486-unit properties are being renovated and repurposed by Urban Style Flats to house first responders (firefighters, police, nurses, etc.), educators and student populations at affordable monthly rents.

SPHA Chief Executive Officer Darrell Irions said, “Some have asked why the housing authority couldn’t convert the Graham/Rogall complex to affordable housing without having to sell it. The answer is simple – money. We simply did not have the available funds to handle a large-scale relocation and renovation. The buildings now will move on to their next highest and best use, and SPHA will have the means to increase affordable housing stock in and around St. Petersburg.”

SPHA plans to reinvest the sale proceeds in the development or acquisition of more affordable housing properties in its jurisdiction, which includes St. Petersburg and a 10-mile radius outside of the city. SPHA staff currently is identifying potential properties for purchase. The housing authority’s goal is to reduce the concentration of poverty in some areas of the city per U.S. Department of Housing and Urban Development (HUD) regulations, to encourage residents’ access to jobs, and to provide a wider variety of housing options for low-income families.

None of the money from the sale will be spent on the construction of SPHA’s new, permanent central office facility, which is planned for next year.

About St. Petersburg Housing Authority (SPHA):

The St. Petersburg Housing Authority (SPHA) is a public body corporate that has a 70+ year history of developing and administering affordable housing programs within its jurisdictional area, which includes St. Petersburg and a 10-mile radius outside of the city. Consistently scored as a “High Performer” on U.S. Department of Housing and Urban Development (HUD) assessments, SPHA provides housing assistance to more than 3,400 families. The housing authority has received national awards and recognition for its innovative programs, including the Economies of Scale program, the Jordan Park HOPE VI redevelopment program, the Section 3 program and the Fraud Recovery program. More information about the authority’s programs and services can be found at www.stpeteha.org.