Next phase of Largo’s Rainbow Village affordable housing redevelopment submitted for permitting

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Rendering of Heritage Oaks (Phase 1) and Ridgecrest Oaks (Phase 2) of the Rainbow Village redevelopment project in Largo | Newstar

The next phase of the Rainbow Village redevelopment in Largo is taking shape, with four new apartment buildings planned as part of a long-term effort expected to deliver approximately 400 affordable homes to the community.

Newstar Development, in partnership with the Pinellas County Housing Authority, recently filed construction permits for Grand Oaks, the third phase of the four-phase redevelopment at 13224 Washington Drive in Largo’s Greater Ridgecrest neighborhood.

Grand Oaks will replace 62 older public housing units with four three-story apartment buildings containing 120 affordable apartments for families earning between 30% and 80% of the area median income (AMI).

The $48.7 million development will include 33 one-bedroom apartments measuring 741 square feet, 60 two-bedroom apartments measuring 1,066 square feet, and 27 three-bedroom apartments measuring 1,341 square feet.

Residents will have access to a clubhouse and community building with a fitness center, sports courts, green space, and an attached wellness center, along with a playground and youth recreation center.

The Rainbow Village redevelopment will provide approximately 400 new affordable apartments in Largo’s Greater Ridgecrest neighborhood | Google Maps

According to the development team, Newstar recently received a competitive 9% Low-Income Housing Tax Credit award from the Florida Housing Finance Corporation. The credits will generate equity for the project through Raymond James Affordable Housing Investments.

Grand Oaks’ financing package also includes a construction loan from SouthState Bank, a permanent loan from Capital One, a Local Government Area of Opportunity loan from Pinellas County and funding from the Pinellas County Housing Authority.

The project is now undergoing credit underwriting, permitting, and plan review with Pinellas County.

Construction is expected to begin in January 2027, with completion projected for the third quarter of 2028.

The redevelopment’s first phase began with Heritage Oaks, an 80-unit affordable senior apartment community that opened last year at 13060 Washington Drive.

The $31 million project replaced 48 aging duplex and triplex public housing units with a three-story building containing 74 one-bedroom apartments and six two-bedroom apartments. Amenities include a fitness center, computer lab, shuffleboard court and small dog park.

Site plan for the four-phase Rainbow Village redevelopment in Largo. Heritage Oaks, Phase 1, opened in late 2025; Ridgecrest Oaks, Phase 2, is under construction; Grand Oaks, Phase 3, has been submitted for permitting; and Grand Oaks II is planned as the final phase | NewStar

Construction is also progressing on Ridgecrest Oaks, the second phase of the redevelopment, located to the east of Heritage Oaks.

The 80-unit affordable senior community was approximately 68% complete as of June 30th, according to Newstar Development.

Construction is expected to wrap up in November, with lease-up and resident move-ins beginning in December.

Plans also call for a fourth and final phase, Grand Oaks II, which would replace the remaining 63 older public housing units to the north of the first three phases with another 120 affordable apartments.

In addition to housing, Grand Oaks II is planned to include green space, a sports court, and commercial space for a Head Start early childhood education facility.

Residents displaced during construction will receive Tenant Protection Vouchers to cover rent during relocation, along with additional relocation assistance provided under the Uniform Relocation Act.

The multi-phase redevelopment is part of the Greater Ridgecrest Master Plan, a long-term partnership between residents and Pinellas County focused on improved housing, safer pedestrian infrastructure, new parks, and neighborhood amenities.

The project also aligns with the Advantage Pinellas Housing Compact, a countywide initiative to expand affordable-housing access.