As part of its relentless efforts to address the affordable housing crisis in new ways, the City of Tampa is excited to see one of its newest private partners begin construction of a transformational mixed-income development along one of the city's most transited and accessible corridors.
Faced with one of the most competitive housing markets in the country, Tampa housing officials have been exploring ways to incentivize the private sector to build housing for people across the income spectrum. When The Richman Group of Florida, Inc. expressed interest in redeveloping the former Fun Lan drive-in movie theatre property along East Hillsborough Avenue, a few blocks away from I-275, the City of Tampa made the company an historic offer. In exchange for making a 100% affordable housing development, the City of Tampa awarded the developer $12 million to put toward construction costs. Essentially, it filled the gap so the developer would still find it profitable to build an affordable housing community.
"At a time when state and federal funds for affordable housing are at their lowest, we are thinking outside of the box to leverage the private sector into fighting this battle with us," said Mayor Jane Castor. "Our deal with The Richman Group of Florida, Inc. is a milestone in the city's housing history and we hope this is only the beginning of many more."
Once completed, the 519,240 square foot development will bring 354 affordable units to the local market. While rental rates cannot be determined this early in the process, they will be based on the U.S. Department of Housing and Urban Development's state income limits. Approximately 40% of the units will be available to families with incomes between 50% and 80% of the Area Median Income (AMI) and 60% will be available to families at, or below, 120% AMI. Amenities will include a resort-style pool and spa, dog walking area, fully equipped state-of-the-art fitness center, spin room, yoga room, game room, and lounge, a co-working space, pet spa, resident storage areas, and community garden. As part of the community benefits requirements, the new development will also bring roadway improvements along 22nd Avenue, benefiting not just future tenants, but residents in the nearby area as well.
"The Richman Group of Florida is proud to have the opportunity to construct a development that will serve the local community and provide a new housing option that offers a robust resident amenity package in a critical time where attainable housing is in short supply," said Todd Fabbri, President of The Richman Group of Florida, Inc. "We are grateful for the City’s commitment to produce high-quality mixed-income housing under the leadership of Mayor Castor and her dedicated and talented staff."
This will be the 60th affordable housing development The Richman Group of Florida, Inc. has built. Estimated completion is spring 2025.