Largo — The City Commission’s approval of an incentive utilized for the first time has paved the way for the development of a 224-unit apartment complex on an 8.8-acre site at the southwest corner of Clearwater-Largo and Rosery roads.
The property was formerly the Rainbow Mobile Home Park, which had 121 mobile homes at its peak, but is no longer operational and most of the site is vacant land, Economic Development Manager Teresa Brydon recently told commissioners.
Since the site is located within the Clearwater-Largo Road Community Redevelopment District, Brydon said adding affordable housing was a priority, which led to the Affordable Housing Density Bonus.
Atlanta-based Pollack Shores Real Estate Group, which also developed the Gateway North complex off Roosevelt Boulevard near U.S. 19, has agreed to set aside 20 percent of its units for affordable housing, meaning the city is allowing 12 extra units an acre, from 15 to 27.
“It’s a sizable commitment and that’s why it’s a 30-year agreement,” Brydon said.
She said the project is moving along quickly, but the next step will be a neighborhood meeting at 6 p.m. Nov. 14, at City Hall.