Playhouse Theater in St. Pete's Grand Central district could become 12-story affordable tower
By Emma Behrmann
Tampa Bay Business Journal
Published: May 8, 2026

A local firm wants to bring 150 affordable units to the Grand Central district by redeveloping a century-old theater.

Blue Sky Communities plans to transform the Playhouse Theater and Morph Nightclub properties into a 12-story, 150-unit apartment tower with all units at or below 80% of the area median income, which is about $58,400 for one person, according to Pinellas County income limits. The developer is under contract on the property and expects to close in the first quarter of 2027.

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