First Phase of Rainbow Village Redevelopment Breaks Ground at 12455 130th Ave. N., Largo, Florida

Heritage Oaks, an 80-unit housing development for seniors, broke ground yesterday in Largo, Florida.

The affordable housing community will offer homes for those earning at or below 60 percent of the area median income, offering one-bedroom and two-bedroom floorplans. At the time of publication, Data USA reported that Largo’s AMI was $56,266. The three-story building will replace 48 public housing units.

Heritage Oaks will offer 80 units. Image by Newstar Development, LLC

Pinellas County reports that Heritage Oaks will cost close to $35 million to complete. Most of the funding comes from the Florida Housing Finance Corporation, offering $31 million in financing. Another $3.36 million is coming from Pinellas County’s HOME, SHIP and CDBG funds.

Heritage Oaks is part of a larger initiative that intends to redevelop Rainbow Village, a series of duplexes and triplexes erected in the late 1960s. At the redevelopment’s conclusion, Rainbow Village’s “200 substandard units” will be replaced by at least 240 modern homes. Heritage Oaks is the first phase of Rainbow Village’s redevelopment.

An aerial view of the community’s buildsite. Image from Google Earth

According to the St. Pete Catalyst, the second phase will be a community called “Ridgecrest Oaks,” a nearly identical three-story complex. Heritage Oaks is set for an incorporated part of Largo, located at 12455 130^th Ave. N., Largo, Florida, 33774, in Pinellas County.

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