LARGO — A project to build 16 townhomes in downtown Largo got a boost July 21 when city leaders authorized staff to negotiate a $160,000 incentive agreement with the local developer.
City commissioners, acting as the Community Redevelopment Agency, voted 6-0 to approve the Housing Infill Program grant and move ahead with an agreement with Flaggship Holdings LLC on behalf of its project, Skyview Townhomes, which will take up an entire block on the south side of West Bay Drive. Mayor Woody Brown, who owns a chiropractic office adjacent to the property, abstained from voting.
The purpose of the grant is to stimulate private development in the West Bay Drive Community Redevelopment District and provide qualified property owners that develop single-family homes up to $10,000 per unit.
Largo officials said this project fits the bill.
“The applicant chose the site to bring much-needed high-quality housing and to be in close proximity to Ulmer Park, Largo Central Park, dining, shopping, beaches, and, of course, the Pinellas Trail,” Economic Development coordinator Karisa Rojas-Norton told commissioners.
The homes, which will be split among four buildings, will be located off First Avenue Southwest on a .66-acre piece of property between Ridge Road Southwest and Sixth Street Southwest. It’s estimated each townhome will have a market value between $300,000 and $350,000.
“The new homes will each be three stories high and in excess of 2,000 square feet with a two-car garage on the first floor, three bedrooms, two bathrooms, a kitchen and a finished rooftop deck for entertaining or gardening,” Rojas-Norton said.
According to the city, construction is expected to begin in September and will be done in three phases and take about three years to complete. A final site plan and development order must be completed first, however.
Staff said an analysis showed the city would recoup its $160,000, which will likely be paid in portions when certain milestones are met, in about five years via property taxes in the West Bay Drive redevelopment district.
Staff also said Skyview Townhomes will bring other benefits to the neighborhood, such as landscaping and lighting improvements and new residents to support existing businesses and personal services in downtown Largo.
In May 2019, the city sold a vacant parcel it had owned for about 66 years to Flaggship Holdings for $20,000, paving the way for the project that will bring the first for-sale homes to downtown since 2000.
“We feel this construction type will provide a triple win for the community, the city of Largo, and our locally owned and operated business in Largo,” wrote Donald Flagg, Flaggship Holdings’ managing member, in his letter of intent to purchase the property at the time.