Our sources have revealed plans for an emerging affordable housing project in Tampa.
Lois Lofts would measure three stories above grade and feature 93 units; it would occupy a two-acre property that previously hosted industrial operations. The venture is being filed under the Live Local Act, which would give the developer certain incentives – such as increased height limits and residential density – as long as at least 40 percent of a project’s residences are deemed affordable.
Records from the City of Tampa suggest that 40 percent of the homes (37) would be reserved for households earning up to 60 percent of the area median income (AMI). Here, a four-person household could earn no more than $62,580 annually to qualify.
While not much is known about Lois Loft’s communal amenities, current plans call for a total of 85 parking spots: 75 for motor vehicles and 10 for bicycles. Tampa Bay Business & Wealth notes that the project’s two-acre site last sold for $1.7 million in 1992.
Blue LL Developer, LLC is the developer. Blue Lois, LLC is the applicant. Pending various approvals, Lois Lofts is planned for 5210 S. Lois Avenue, Tampa, Florida, 33611, in Hillsborough County.
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