A developer based in Santa Monica, CA, has proposed transforming a vacant plot in Largo’s Pinellas Groves into a 144-unit affordable apartment complex named Olea on 126. The project, located at 6727 126th Avenue North, will feature three four-story residential buildings designed for residents earning 40% to 80% of the area median income (AMI).

Olea on 126 will include surface parking and amenities like a clubhouse, park area, and covered patio. The development is led by Lincoln Avenue Communities, a subsidiary of Lincoln Avenue Capital, which focuses on affordable housing.

Pinellas County Commissioners recently greenlit $7.92 million in funding for the $54.58 million housing project, sourced from Penny for Pinellas—a voter-approved one-cent sales tax for infrastructure improvements. The funding agreement mandates that the apartments remain affordable for at least 30 years.

The unit breakdown for Olea on 126 is as follows:

• 35 units for residents earning up to 40% of the AMI
• 72 units for residents earning up to 60% of the AMI
• 38 units for residents earning up to 80% of the AMI

The 4.9-acre site is currently zoned Industrial Limited (IL), which does not allow residential development by default. However, the development team plans to utilize the Live Local Act (SB 102), a 2023 statewide housing law that permits residential projects on commercially zoned land if at least 40% of units are reserved for households earning up to 120% of the AMI.

Following the county’s funding approval, the Housing Finance Authority of Pinellas County conducted a public hearing on March 6. A groundbreaking date for the project has yet to be announced.

This development marks Lincoln Avenue Communities’ first venture into Pinellas County, further expanding its footprint in Florida. The organization operates across 28 states, managing 150 properties with over 27,000 units. Lincoln Avenue Communities has a strong presence in South Florida and recently began construction on 52 at Park, a 300-unit affordable housing complex in Orlando.

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