New Housing in the Innovation District
Mixed-Use Development Offering 50 Units of Affordable Housing in the Innovation District
On November 5th, officials from Pinellas County and the City of St. Petersburg broke ground on a $17-million mixed-use development at 850 5th Ave South, promising affordable housing for its future tenants.
The Innovare project is being developed by Volunteers of America of Florida, a faith-based human services organization. The development is part of a county wide effort to commit resources to affordable housing as rents have skyrocketed in the area. Including this project, officials say the Pinellas County Commission has committed $23.4 million toward eight new developments, contributing a total of 884 units offering affordable rent to Pinellas residents.
Innovare, the 50 unit development will be offering housing for residents that earn less than 60 percent of the area’s median income, as well as 12 units specifically designated for those earning even less. The project is the latest to break ground in the growing Innovation District just north of Roser Park!
Additionally, $1 million in land acquisition costs for Innovare were contributed by the Penny for Pinellas Affordable Housing Program, a voter-approved initiative that expects to put $80 million toward affordable housing in Pinellas County over the next decade. The City of St. Petersburg has a number of projects in the works that will offer affordable housing to residents, including the Orange Station development in the EDGE District. Demolition has begun on the former police department on Central Avenue and details have been released on the new mixed-use development taking its place.