A vacant 4.9-acre site in Pinellas County will soon be transformed into an affordable housing development. Olea on 126 will comprise 144 apartments. The homes will be divided among three four-story buildings, available to tenants earning 40 to 80 percent of the area median income (AMI).
More specifically, St. Pete Rising notes that 35 will be for those making up to 40 percent; 72 for those earning up to 60 percent; and the remaining 38 for residents earning up to 80 percent of the AMI. According to Pinellas County records, the median family income is $92,000; the City of Largo itself has an AMI of $43,865 a year, per the St. Pete Catalyst.
The 4.9-acre site is now vacant. Image from Google Earth
Amenities at Olea on 126 will include a clubhouse, covered patio, and recreational areas. Lincoln Avenue Communities is the developer. This will be its first community in Southwest Florida. The California-based developer has been hot on the Florida market, having broken ground on another residential endeavor last year. Olea on 126 is expected to cost about $55 million to complete, with $7.92 million in financing coming from the Penny for Pinellas fund.
The project doesn’t have a concrete groundbreaking date, but it’s slated for 6727 126th Avenue North, Largo, Florida, 33773, in Pinellas County.
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Looks like low priced housing in materials and design and colors that attempt to mask all the corners cut. Sad.