Related Urban Development Group will partner with the Tampa Housing Authority on a project that will bring 954 new housing units to West Tampa within six years, 600 of which will be for workforce housing and affordable housing.
“We are as excited as we can be,” says Leroy Moore, Sr. Vice President and Chief Operating Officer of the Tampa Housing Authority. “They are a mix of affordable workforce housing as well as market-rate.”
People earning 60% of the area median income can qualify for workforce housing -- 40% of the project -- and 40% of the units are for families of four earning $47,000 or less. Another 20% are set aside for market-rate housing. In addition to rentals, there are also townhouses available for purchase in the project.
It will take about a year for the Rome Yard Development Project to finalize agreements with the city, which owns the 18 acres of land, and to complete various negotiations, Moore says. After that, the development will take about five years to complete.
Related is offering $47 million in Qualified Opportunity Zone funding for the project. Moore says over the 99 years for the property lease, the City of Tampa should benefit by $140 million for the property once used as an equipment storage place for the City.
The project will include community-based retail and commercial space. At least 10% of the retail space included in the plan will be set aside for resident-owned small businesses.
The project is a joint venture with the African-American-owned Ducon Construction, which allows the project to meet minority business requirements.
Moore says his office is still pursuing more funding for the project, including tax credits.
“We’ve got a variety of sizes for one-, two- and three-bedroom units, as well as the homeownership units, which are townhouses,” he says. “The townhomes will be a mix of affordable and market-rate units.”
There are plans to pursue a new bus stop for Rome Yard and there will be extensive bicycle and electric scooter options and plenty of parking. There will also be a West Tampa Cultural Center & Art Pavilion.
For more information, visit the website for:
Tampa Housing Authority
City of Tampa
Related Urban Development Group