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Housing authority may fund $39M residential project
A developer wanting to create hundreds of affordable apartments in the county may be able to receive $39 million to finance the project.
On Tuesday, Pinellas County Commissioners will review adopting a resolution allowing the housing finance authority to issue $39 million of multifamily housing revenue bonds for the landowner and operator, OK Riverside LLC, to redevelop a Tarpon Springs property.
The LLC is connected to California-based Portopiccolo Group, which purchased the existing 304-unit Riverside Apartment Homes complex at 1589 Starlight Cove in March.
Riverside Apartment Homes in Tarpon Springs. Facebook image.
According to county records, “this transaction will help finance the acquisition and rehabilitation” of the 25.64 acre-development that was constructed in 2001.
The site has a total of 22 buildings, 19 of which are residential. The remaining three buildings house maintenance storage, a leasing office, a fitness center and a business center.
The redevelopment of the complex includes a mix of 80 one-bedroom units, 128 two-bedroom units, 72 three-bedroom units and 24 four-bedroom units.
The majority, 85%, of the units will be dedicated to households earning at or below 60% of the area median income (AMI). Meanwhile, the remaining 15% of the units will be market rate.
The entire project is estimated to cost $45,623 per unit; thus, the requested funds would completely cover the development.
The county’s general funds will not be required to finance the project.
Mike
January 18, 2023at8:05 am
Carl that’s because “affordable housing” is a scam perpetrated against the tax paying residents of this town.
If everything was on-the-level, it would just be called “housing”. it’s a dead giveaway.
Michael Sedita
January 17, 2023at7:01 pm
Even if they do redevelop from scratch, the county pays the entire development cost of private property?
carl hebinck
January 16, 2023at9:03 pm
Did I read correctly: These attractive buildings are already built and the developer will give them a “re-do” at cost of $45,623 per unit. Sounds kinda steep to me. Pricing sounds more like complete NEW building from ground up-pricing.