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Largo approves density bonus for Cypress Grove apartments, commits $1.25M in HOME funds
Summary
The commission approved an affordable housing density bonus agreement for Cypress Grove Apartments (555 16th Ave SE), allowing expanded unit count in exchange for long‑term affordability; the city previously committed $1,250,000 toward the project's $31.6M cost. The vote was unanimous.
The Largo City Commission approved an affordable housing density bonus agreement for Cypress Grove Apartments, a proposed residential development at 555 16th Avenue Southeast. The commission voted 7–0 to approve the agreement, which authorizes the developer to use the city’s affordable housing density bonus in Chapter 14 of the comprehensive development code and obligates long‑term affordability monitoring under the agreement.
Staff said the 4.56‑acre site carries a base density of 10 units per acre (45 units). With the city’s affordable housing density bonus and a state greywater density bonus, staff said the developer may build up to 15 units per acre (68 units). The project will use greywater systems for water reuse; staff noted that adds up‑front cost and sustainability benefits. Under the density bonus the development must reserve at least 40% of units as two‑bedroom or larger units for households at or below 80% of area median income (AMI) with a 50‑year affordability period.
City staff and the developer outlined committed funding partners: the city previously approved $1,250,000 in Federal Home Investment Partnership (HOME) funds toward the project; Pinellas County Housing Authority purchased the land and is contributing to construction; Pinellas County’s Penny for Pinellas funding and additional HOME funds are also expected to be used. Staff said the total development budget is approximately $31,600,000.
The proposed unit mix and income targeting presented to the commission were: 39 units at 80% AMI, 19 units at 50% AMI and 26 units at 30% AMI. Staff said the project will be monitored annually to ensure reserved units remain affordable during the required affordability period.
Staff provided a project timeline: the developer was scheduled for Development Review Committee on June 4, anticipated development order and permits by the end of the calendar year, construction starting in spring 2026 and completion in late 2027.
Commissioners asked about traffic and multimodal access along Sixteenth Avenue and Seminole Boulevard; staff said mobility impact fees and county permitting processes apply and that broader corridor studies are underway with FDOT and Pinellas County.
The commission motion to approve the affordable housing density bonus agreement with Cypress Grove Apartments LLC and Pinellas County Housing Authority passed 7–0.
