Construction is nearly complete for the first phase of Caspia | TRAMELL crow residential

Global real estate firm Trammell Crow Residential is nearing completion of a new 240-unit luxury apartment community in Largo.

Caspia is being constructed on a 9.5-acre property at 705 Redbud Lane near the corner of 8th Avenue SE and Donegan Road.

The community, which is expected to launch preleasing soon, will contain a mix of affordable and market rate housing.

40% of the units will be reserved for households earning at or below 120% of the area median income (AMI), or roughly $68,400 annually in the City of Largo, while the remaining apartments will be rented at market rates.

Groundbreaking on the development began in 2024. Construction is now nearing completion.

The first phase of construction has produced 240 units across five buildings | TRAMELL crow residential

The development team expects to receive a certificate of occupancy (CO) for the first set of buildings in the coming weeks, allowing residents to begin moving in.

The floorplans in phase one range from one-bedroom, one-bathroom units at 768 square feet to two-bedroom, two-bathroom units at 1,204 square feet.

The apartments feature stainless steel appliances, granite countertops, full-size, energy-efficient front-loading washers and dryers, and a keyless entry.

Caspia will also offer a resort-style pool and deck, outdoor grilling and dining stations, a work-from-home lounge equipped with conference rooms and private workstations, and a clubhouse.

Caspia residents have access to a work-from-home lounge with private workstations, as well as a clubhouse | TRAMELL crow residential

Caspia is an Alexan-branded luxury apartment community, with other Florida-based Alexan communities in Wesley Chapel, Miami, and Broward County.

The development team for Capsia includes Dallas-based HLR Architects, Atlanta-based B + C Studio Inc., engineering firm Kimley-Horn and Associates Inc., and Georgia-based subcontractor Vertical Earth Inc.

The property was once part of a larger 15.5-acre development, called Allora, that became the first workforce housing project filed under Florida’s Live Local Act (LLA) in Largo when the previous owner, Pinellas Park-based Belleair Development Group, submitted plans to the city in February 2024.

Belleair ultimately sold the eastern 9.5 acres of the site to Trammell Crow in early 2025 for nearly $7 million.

Last November, Belleair sold the western half of the property to Tampa-based multifamily developer Southport Financial Services, Inc. for $6.72 million. The buyer plans to build 168 apartments on the site.

A rendering of Caspia | TCR and belleair development group

Belleair previously planned to develop either multifamily housing or 200,000 square feet of industrial space on the site.

However, surrounding neighbors strongly opposed both the industrial proposal and the multifamily complex, which would’ve been developed as an affordable housing tax credit project.

As a result of the opposition, neither development was approved.

After the Live Local Act passed in 2023, a new project was proposed under the law.

The act requires local governments to approve multifamily developments on sites zoned for mixed-use, commercial, or industrial uses if at least 40% of the units are reserved for households earning up to 120% of the area median income for at least 30 years.

site plan for Caspia and the adjacent Southport Financial Development | kimley-horn and associates inc.

While Caspia was the first Live Local Act project announced in Largo, others have since surfaced.

Greystar Real Estate Partners is utilizing the Live Local Act for the development of Birchway Bayside, a 376-unit apartment community spanning 19 buildings with a mix of apartments and townhomes in Largo.

Another development called Olea on 126 is under construction and will bring 144 affordable apartments to Largo.

Developed by California-based Lincoln Avenue Communities, Olea of 126 will reserve 35 units for households earning up to 40% of the Area Median Income (AMI), 72 units for households earning up to 60% of AMI, and 38 units for households earning up to 80% of AMI.

For more information on Caspia, visit their website website.