Lincoln Avenue Communities, a developer from Santa Monica, California, will soon convert a site, which stands vacant in the Pinellas Grives community of Largo, into an affordable apartment complex. Lincoln Avenue Communities is a subsidiary of Lincoln Avenue Capital and specializes in building affordable housing units.
The community will be called Olea on 126 and will have three residential buildings, each four stories tall, and will be on 126th Avenue North. The 144 units will be for residents who earn between 40 and 80 percent of the median income in the area. There will be 35 units for those who earn up to 40 percent of the median income in the area, 72 units for those earning up to 60 percent, and 38 units for those earning up to 80 percent.
Among the amenities will be a park area, covered patio, and a clubhouse as well as surface parking. Such planned communities can benefit from brochure printing to highlight their features and amenities to attract residents.
A funding request of $7.92 million has been approved by the Pinellas County Commissioners. The project is expected to cost $54.58 million to build. The contribution from the county comes from Penny for Pinellas, a sales tax of one percent approved by voters that is designated for infrastructure improvements.
No date has been scheduled for the groundbreaking at Olea on 126.
