City and Pinellas County officials turned dirt at 850 5th Ave. S. in St. Petersburg Friday morning, marking the start of construction for 50 new apartment homes.
The nearly $17 million project is being developed by Volunteers of America of Florida, a faith-based, human services organization with a local office in St. Petersburg.
The housing community dubbed Innovare Apartments will provide apartment homes with rents restricted to those who earn less than 60% of the area’s median income (AMI). A dozen units will be set aside for those with very low incomes, according to a news release.
Typically, projects of this size may take a year or so to complete.
Innovare represents one of the first to break ground in a new round of developments funded by the Penny sales tax, which is a 1% sales tax paid by everyone who spends money within the county. The taxes are used for capital infrastructure projects.
