Developer secures $75M financing for apartments on Raytheon property
By Emma Behrmann
Tampa Bay Business Journal
Published: Sep 10, 2026

A Clearwater developer has secured financing for a multifamily project on St. Petersburg’s former Raytheon Technologies campus.

Porter Development secured a $63.5 million loan from Valley National Bank, according to a mortgage recorded in Pinellas County, along with $6 million from the city of St. Pete and $5.25 million from Pinellas. With financing in place, the 1,056-unit project called Azalea Cay can break ground off the Pinellas Trail at 1501 72nd St. N after years of varying development plans.

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