144-unit affordable apartment community proposed for Largo
/A Santa Monica, CA-based developer plans to convert a vacant site in Largo's Pinellas Groves community into a 144-unit affordable apartment complex.
Named Olea on 126, the project will include three four-story residential buildings at 6727 126th Avenue North, with units designated for residents earning between 40% and 80% of the area median income (AMI).
The community will offer surface parking and amenities such as a clubhouse, park area, and covered patio.
The development is proposed by Lincoln Avenue Communities, a subsidiary of Lincoln Avenue Capital, which specializes in affordable housing.
Pinellas County Commissioners recently approved a $7.92 million funding request for the $54.58 million project.
The county’s contribution will come from Penny for Pinellas, a voter-approved one-cent sales tax designated for infrastructure improvements. As part of the funding agreement, the apartments must remain affordable for at least 30 years.
The unit distribution at Olea on 126 will be:
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 permit residential development by right. However, the development team will leverage the Live Local Act (SB 102), a statewide housing initiative passed in 2023, allowing residential projects on commercially zoned properties if at least 40% of the units are reserved for households earning up to 120% of the AMI.
Following the county’s approval of funds, the Housing Finance Authority of Pinellas County held a public hearing on March 6.
A site plan of Olea on 126 | city of largo documents
A groundbreaking date for Olea on 126 has not yet been announced.
The project marks Lincoln Avenue Communities' entry into the Pinellas County market, expanding its presence in Florida. The organization operates in 28 states, managing a portfolio of 150 properties with more than 27,000 units.
Lincoln Avenue Communities has developed and acquired multiple properties nationwide, with a strong presence in South Florida. Last year, the company broke ground on 52 at Park, a 300-unit affordable housing complex in Orlando.
