St. Petersburg, FL: On May 16, 2019 Stoneweg U.S., LLC, in connection with the St. Petersburg Chamber of Commerce, hosted a Ribbon Cutting Ceremony to commemorate the announcement of their first development deals in Florida, and the Company’s spacious new office. https://www.facebook.com/StPeteChamber/videos/539599540204442/
The event, which garnered over 70 guests, including St. Petersburg Deputy Mayor Kanika Tomalin, and the St. Petersburg Chamber of Commerce CEO, Chris Steinocher, detailed the Company’s upcoming development and construction deals with the first being a development housing project in Palm Coast, and the second being a “ground-up” workforce housing construction project in South St. Petersburg. The St. Pete project boasts the construction of 275 apartment units, at price points 25%-50% below current market rents in Downtown St. Petersburg. Of the 275 units to be built, at least 60 will comply with local workforce housing regulations.
Regarding the St. Pete new development, Stoneweg CEO and Founder Patrick Richard said “It is a great project, that will require a lot of work and energy, but we are committed to doing our best to bring it to the finish line and offer this new community to South St. Pete,” while welcoming guests at the event.
Both projects were met with strong enthusiasm and endorsement by the St. Pete city leaders in attendance, with particular emphasis on partnership in bringing this project to fruition.
“The great part of this story is that we now have in this office, all the resources and assets with this major international firm, an opportunity to understand workforce housing. It is the number one issue that we all are worried about—can we continue to grow and attract all these wonderful assets and still continue to live here?,” said St. Petersburg Chamber of Commerce CEO, Chris Steinocher. “These guys know this business- they have 10,000 units under their control. This is why you want to bring the best in the world here, because they’ll make us the best in the world too. So, we should all be very excited today.”
Deputy Mayor Kanika Tomalin echoed his sentiment regarding St. Pete project announcement stating “As you meet your corporation’s goals, this will also be advancing our city’s goals and strategies….Chris you mentioned that this is a project that we are going to try and do in St. Pete…today I’m going to declare that, together as partners, we will do this in St. Pete.”
The Company announced the addition of Development and Construction earlier this year to its core practice areas and is looking forward to the closure of the Palm Coast property scheduled for later this month, and closure on the St. Pete project scheduled for May 2020. Additional images of the event are available at: https://stoneweg.us/information/events/
About Stoneweg U.S., LLC.
Stoneweg US, LLC is a real estate investment and asset management company located in the heart of downtown St. Petersburg with a portfolio of 10,000 units and a value under management of USD 800 million. Stoneweg specializes in low to medium income multifamily real estate primarily based in tertiary and secondary US markets. The Company invests in workforce housing properties positioned for strong growth and focuses on bringing stronger value to those properties, communities, and investors, by implementing a variety of value-add strategies and delivering strong returns. For more information, please visit: www.stoneweg.us.