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County approves $8 million for affordable housing development
An affordable housing development in Largo will offer 36 units for households earning just 40% of the area median income, thanks to a financial boost from Pinellas County tax coffers.
County Commissioners approved dedicating $7.92 million to the project, Olea on 126, Tuesday afternoon. The $54.6 million development will provide 144 affordable units in total.
The county’s funding includes a land-use restriction agreement that ensures a 30-year affordability period. Santa Monica, California-based Lincoln Avenue Communities will develop the now-vacant site in a residential area known as Pinellas Groves.
Commissioners did not discuss the project at Tuesday’s meeting. Lincoln Avenue could not immediately be reached for comment.
However, the firm’s website touts its commitment to raising affordable housing standards and creating long-term value for investors, communities and residents. Lincoln Avenue’s nationwide portfolio includes over 170 properties with 30,500 units.
In the firm’s latest impact report, CEO Jeffrey Bronfman wrote that Lincoln Avenue partners with several local and national organizations that connect residents with essential services, such as health care, nutritional assistance and career development resources.
“We also deepened our engagement with political, community, and business leaders to advocate for policies that will expand our impact and support families and individuals across the country,” Bronfman wrote. “Through these partnerships, we reinforce our commitment to supporting and strengthening our communities.”
In April 2024, ground was broken on this affordable housing development in Orlando. Rendering: Lincoln Avenue Communities.
According to the City of Largo’s website, the area median income (AMI) is just $43,865. Lincoln Avenue will dedicate 35 units to those earning 40%, which would equal $17,546.
Another 72 apartments are for those earning up to 60% of the AMI. The developer will cap the remaining 38 units at 80%.
County documents state the project’s primary funding source is $22.18 million in tax credit equity. Lincoln Avenue will also provide $14.5 million in permanent debt financing and $3.9 million in “cash reinvestments.”
The firm’s developer fee is $5.7 million, and the City of Largo will contribute to the project by waiving $392,544. The county’s funding will offset construction costs “to address the need of workforce housing.”
County staff evaluated and scored the project application before recommending approval of Lincoln Avenue’s full request. They believe the funding will help prevent and remedy the causes of homelessness, invest in communities “that need the most,” and “maximize partner relationships.”
Olea on 126 is Lincoln Avenue’s first Tampa Bay development. However, the firm’s website highlights rehabilitation projects in South Florida.
The 4.9-acre site in Largo has a commercial designation. Property searches show it once housed a dumpster rental business.
According to Pinellas property records, 6727 127th LLC purchased the land for $1.85 million in November 2022. Previous market listings show a now-demolished structure.
Commissioners have started 2025 with a flurry of affordable housing funding approvals. At a Jan. 14 meeting, they dedicated $10.75 million to two mixed-income projects in St. Petersburg – the largest in Pinellas history – and authorized $65.93 million in bond sales to finance three other local developments.
The county’s subsidies stem from the Penny for Pinellas sales tax. Commissioners allocate 4.15% percent to housing, and have now committed $78.47 million through the latest funding round.
