Largo officials and developers grabbed shovels Tuesday to break ground on Olea on 126, a 144-unit apartment community that county leaders are calling a rare example of 100% income-restricted housing in Pinellas County. The development will rise on a roughly 4.9-acre vacant parcel in the Pinellas Groves neighborhood and reserve all units for households earning between 40% and 80% of the area median income, a direct nod to workers county leaders say are increasingly being priced out of the county.
Project and builder
Lincoln Avenue Communities is set to develop three four-story buildings totaling 144 apartments, with a mix of one- to four-bedroom homes and shared amenities planned for residents. According to St. Pete Catalyst, the unit mix includes 35 apartments capped at 40% of AMI, 72 at 60% AMI and 38 at 80% AMI, keeping the entire complex within income-restricted limits.
Funding and affordability
Pinellas County has pledged roughly $7.92 million from its Penny for Pinellas housing set-aside toward the approximately $54.6 million development, with additional financing expected from low-income housing tax credit equity and permanent debt. As reported by Florida YIMBY, the county’s support comes with a long-term affordability covenant intended to keep the homes income-restricted well into the future.
Timeline and reaction
Bay News 9 covered the ceremony, where county officials said the project addresses a shortage of homes affordable to local workers, according to a report excerpted by Spot On Florida. Lincoln Avenue Communities has announced that construction is underway and is targeting mid-2027 for completion, the firm noted in a post on LinkedIn.
Where this fits in the bigger picture
The Olea on 126 groundbreaking is one of several county-backed affordable projects moving forward as Largo and Pinellas County try to expand housing options for seniors, families and workers. Recent openings and approvals in the area, including the 80-unit Heritage Oaks senior community, are part of a broader push funded in part with Penny for Pinellas dollars and other public-private partnerships. For more on recent local openings, see Business Observer and county updates at Pinellas County.
