Wood Partners Closes on 381-Unit Alta Roosevelt Multifamily Development in St. Petersburg

National multifamily developer Wood Partners has officially closed on Alta Roosevelt, a 381-unit apartment community planned for St. Petersburg, Florida. The project is scheduled to break ground in May 2026, with delivery targeted for April 2028, the company announced April 6.

Project Overview and Entitlement

Alta Roosevelt was entitled through the City of St. Petersburg's affordable housing code and Florida's Live Local Act, a state statute that permits multifamily development on sites not originally zoned for residential use. Under the terms of the entitlement, 40% of the community's 381 units will be reserved for residents earning at or below 120% of the area median income (AMI), addressing demand for attainable housing in the market.

The development will involve demolishing an existing office building on the 11.56-acre site along Roosevelt Boulevard in the Gateway district, approximately 10 minutes north of downtown St. Petersburg. The site's existing structured parking garage will be retained and upgraded to serve future residents.

Location and Proximity to Employment Hubs

The Alta Roosevelt site directly abuts the headquarters campus of Power Design, a Tampa Bay-based company whose campus includes a publicly accessible park and trail system. The project is also located near the Raymond James and Jabil office campuses, which the company describes as two of the region's largest employers. The Gateway district location provides residents with convenient access to major employment centers and surrounding neighborhoods.

"We're looking forward to partnering with the City to deliver much-needed, high-quality attainable housing to the area," said Tyler Hurd, managing director at Wood Partners. "There's strong demand in St. Petersburg, and this project not only provides modern living options, but also creates spaces that help residents connect with the broader community."

Development Details and Amenities

The five-story multifamily community will offer a mix of one-, two- and three-bedroom apartment layouts. Planned amenities include a resort-style pool, grilling stations, garden pavilions, a fitness center, and a wellness spa area featuring a cold plunge and sauna. The community will also include a clubhouse with co-working spaces, a game room, lounges and a golf simulator.

About Wood Partners

Wood Partners is an Atlanta-based multifamily developer with offices in 17 major markets across the United States. The firm has been involved in the acquisition and development of more than 115,000 multifamily homes with a combined capitalization of $24 billion. The company currently owns more than 80 properties representing approximately 25,000 homes and is consistently ranked among the five largest multifamily developers in the United States.

Sources: Wood Partners press release, April 6, 2026