Agreement Signed for Sale of SPHA’s Graham/Rogall Properties

ST. PETERSBURG, FLORIDA – On May 14, 2010, the St. Petersburg Housing Authority (SPHA) and local developer Phil Farley, doing business as Urban Style Flats, LLC, entered into a purchase and sale agreement for the Graham Park and Rogall Congregate properties for $6.8 million. The 486-unit properties are located in downtown St. Petersburg, adjacent to Tropicana Field.

Dr. Arnett Smith, chairman of the SPHA Board of Commissioners, said, “The board felt that Mr. Farley’s redevelopment plan for the Graham and Rogall properties best met the needs of both the housing authority and the local community. We are excited to see the buildings move on to their next highest and best use, while remaining an affordable housing option for downtown residents.”

Upon the signing of the agreement, Farley provided the housing authority with an $800,000.00 non-refundable deposit. He is leasing the Rogall portion of the properties from SPHA for $6,400.00 per month until the sale closes.

Farley is planning to begin renovations immediately. The refurbished units will serve first responders (firefighters, police, nurses, etc.), educators and student populations with affordable monthly rents of approximately $500.

SPHA plans to reinvest the proceeds of the sale in the development or acquisition of more affordable housing in the city of St. Petersburg.

SPHA Chief Executive Officer Darrell Irions said, “The proceeds from the sale of the Graham/Rogall buildings will provide SPHA with the opportunity to add much needed affordable housing stock in St. Petersburg. Our goal is to purchase and rehabilitate existing apartment complexes or to build new properties throughout the city, enabling us to avoid the concentration of poverty and to better serve our residents.”

Additional information about the Graham/Rogall properties can be found on the housing authority’s Web site at http://www.stpeteha.org/Graham-Rogall-Update.htm.

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 in the city of St. Petersburg. 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 residing in St. Petersburg. The 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.