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BCC approves funds for 164 new affordable apartments in Largo & St. Pete

The Pinellas County Board of County Commissioners took another step in creating more homes local people can afford with the approval Tuesday of $7.94 million to support developments in Largo and St. Petersburg totaling 164 affordable apartments.   

Florida-based developer Archway Partners will work with Pinellas County and both cities to invest more than $69 million in the two apartment communities called Cypress Grove Apartments and Flats on 4th.

Once completed, the new apartments will offer quality homes for individuals and families who earn between 30 and 80 percent of the Area’s Median Income (AMI) – up to $76,400 for a family of four, or $53,500 for a single person.  

The new funding approvals come following Archway Partners completion of 96 new affordable apartments at Seminole Square in Largo, also supported by the County and City of Largo.  

Pinellas County and cities in the Advantage Pinellas Housing Compact have celebrated grand openings and ground breakings for four new affordable developments in St. Petersburg and Largo so far this year.

Friday, Aug. 9, marked the most recent grand opening, Whispering Pines, 20 apartments for individuals and families transitioning out of homelessness or who have special needs located at 2655 54th Ave. S., St. Petersburg.  

About the newly approved developments

  • Cypress Grove Apartments will bring 84 quality apartments just south of downtown Largo at 555 16th Ave. SE, with 45 set aside for those who earn up to 60 percent of AMI and 39 for those who earn up to 80 percent of AMI. Total project cost: $31.78 million. Pinellas County support: $5.04 million for construction, including $1.74 million from the Penny for Pinellas and $3.3 million from a federal HOME Investments Partnerships Program grant. The City of Largo is also providing $1.25 million for the project.  
  • Flats on 4th will offer 80 apartments in the Gateway area of St. Petersburg located at the corner of 4th Street North and 106th Ave N. Most of the apartments (72) will be for people who earn 51-60 percent of AMI while the remaining eight will be for very low-income households who earn 31-50 percent of AMI.  Total project cost: $37.47 million. Pinellas County support: $2.9 million from the Penny for Pinellas for land acquisition. The City of St. Petersburg is providing $4.39 million in American Rescue Plan Act funds.  

About the Housing Compact  

To date, Pinellas County and Forward Pinellas, along with the cities of Clearwater, Gulfport, Largo, Oldsmar, Pinellas Park, St. Petersburg and Treasure Island have all signed the Advantage Pinellas Housing Compact, an agreement by local governments to take a unified approach to the housing crisis.

Compact partners have made strides to fill the affordability gap by incentivizing development of homes set at affordable rents through a mix of local, state and federal funds. A new Housing Action Plan will broaden these efforts by bringing in private industry and nonprofit partners to build financial and community support for a wider range of homes linked to transportation, jobs and other essential services.

Learn more about the Housing Compact at www.HomesforPinellas.org.