Know
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.
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.