Good news is coming for the rental market in St. Pete. On November 5^th, officials from Pinellas County and the City of St. Petersburg broke ground on a $17-million mixed-use development at 850 5^th Ave South, promising affordable housing for its future tenants.

Dubbed ‘Innovare,’ the 50-unit development will offer housing for residents earning 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, and proposed plans were recently released for the nearby Tuxedo Court development to come in the future, as well.

Innovare is part of Pinellas County’s solution to affordable housing issues

The Innovare project is being developed by Volunteers of America of Florida, a faith-based, human services organization with a local office in St. Petersburg. 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.

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.

For more on Innovare and approaches by the City and County to the issue of affordable housing, read the full release from the City of St. Pete.

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