Heritage Oaks, an 80-unit affordable senior apartment community, opens in Largo
/Heritage Oaks is an 80-unit affordable apartment community for seniors located in Largo | St Pete Rising
The Rainbow Village neighborhood in Largo’s Greater Ridgecrest community marked a major milestone Thursday morning with the ribbon cutting of Heritage Oaks, the first of four phases planned for the Rainbow Village redevelopment.
Officials from the Pinellas County Housing Authority and Newstar Development joined residents and elected leaders to celebrate the opening of the 80-unit affordable senior apartment community at 13060 Washington Drive in Largo.
“I remember looking at the master plan for Rainbow Village from 2007,” said Neil Brickfield, executive director of the Pinellas County Housing Authority, during the ceremony. “Here we are 18 years later, about to cut the ribbon.”
Heritage Oaks, located at 13060 Washington Drive in Largo, is the first of four phases for the redevelopment of Rainbow Village | Google Maps
Heritage Oaks replaces 48 aging, block-style duplex and triplex units.
The new three-story apartment building contains 74 one-bed, one-bath units and six two-bed, two-bath units. The community includes 70 parking spaces.
All apartments are reserved for seniors earning up to 60% of the area median income (AMI), with monthly rents starting at $1,507.
Construction on Heritage Oaks began in May 2024 and wrapped up late last year.
Officials from the Pinellas County Housing Authority and Newstar Development joined residents and elected leaders to celebrate the opening of Heritage Oaks | St Pete Rising
The $31 million project includes a range of on-site amenities designed to support active, independent living, including a fitness center, computer lab, shuffleboard court, and a small dog park.
A pickleball court is planned as a future addition.
Funding for the project came from a mix of public and private sources, including Raymond James Affordable Housing Investments and Raymond James Bank, $3.36 million in Pinellas County HOME Investment Partnerships Program (HOME), State Housing Initiatives Partnership (SHIP), and Community Development Block Grant (CDBG) funds, low-income housing tax credits allocated by the Florida Housing Finance Corporation, Pinellas County Housing Authority funds, and HUD rental assistance.
“At Newstar Development, our goal is to develop communities that residents feel proud to call home,” said Brian Evjen, president of Newstar Development. “Heritage Oaks provides seniors with safe, modernized, and affordable homes and reinforces the long-term vision for a stronger, more vibrant Ridgecrest community.”
Residents impacted by the demolition of the older Rainbow Village units were offered housing vouchers to assist with relocation during construction.
The computer lab at Heritage Oaks | St Pete Rising
Every unit comes with a project-based voucher, and residents pay no more than 30% of their income towards rent.
While Heritage Oaks is now complete, work is already underway on the second phase of the redevelopment.
At a neighboring site, general contractor Brooks & Freund is constructing Ridgecrest Oaks, an identical three-story building that will replace 27 dated residences.
Ridgecrest Oaks will also deliver 80 affordable apartments with both indoor and outdoor amenities and is expected to be completed by the end of the year at a cost north of $30 million.
Looking ahead, Newstar Development has submitted an application to the Florida Housing Finance Corporation to fund a third phase that would demolish 62 additional older units and replace them with a new 120-unit apartment building serving families earning between 30% and 80% of AMI.
The site plan for Heritage Oaks | Newstar Development
A fourth and final phase would remove 63 remaining units and add another 120 apartments, along with family-oriented amenities such as green fields, a sports court, and commercial space, including a Head Start early childhood education facility.
The multi-phased redevelopment of Rainbow Village is a key component of the Greater Ridgecrest Master Plan, a long-term partnership between residents and Pinellas County focused on revitalizing the community through improved housing, safer pedestrian infrastructure, new parks, and neighborhood amenities.
The project also aligns with the Advantage Pinellas Housing Compact, a countywide effort to expand access to quality, affordable housing for thousands of residents.
