Archway Partners nears construction milestone for affordable housing project in Largo
By Breanne Williams
Tampa Bay Business Journal
Published: Feb 3, 2023

Archway Partners is weeks away from going vertical on Seminole Square Apartments, a 96-unit affordable housing project in Largo.

The group closed on the approximately 4.8 acres in Largo for $3.8 million in November, where it intends to build affordable housing units. The seller selected Hold-Thyssen’s Vice President of Investment Services Richard Fisher to represent them in the sale.

Seminole Square Apartments will be available for households with incomes between 30% AMI and 80% AMI. Located at 2075 Seminole Blvd., the development is in one of Largo’s activity centers and near transit services.

Brett Green, president of Archway Partners, said they began construction at the end of 2022.

"Pinellas County, like many other areas throughout the state of Florida, is experiencing substantial population growth and rent growth on non-affordable housing developments," Green told the Tampa Bay Business Journal. "The challenge is the incomes haven't necessarily continued to go up at such a high rate, so many people in the Pinellas County and Tampa Bay area are getting priced out."

He said people are having to move out of their neighborhoods and move either significantly farther away or into smaller residences. Counties and cities making investments in affordable housing allow people to remain in neighborhoods they've called home for years.

Green told Largo commissioners in August 2022 that there were multiple options in place for residents to apply to live in one of the units. He said most of the units will be rent reduced, which would mean residents making less than 80% area median income would pay between approximately $800 and $1,300 for the units.

Other units are subsidized through project-based Section 8 vouchers. The residents who occupy those units will pay a portion of their income, and the federal government, HUD, subsidizes the rest.

The apartments will be built near The Boulevard apartments and Town and Country Mobile Home Park.

Due to increased interest rates and construction materials/labor cost increases, the project went back before commissioners in August for further funding. In 2021, the commission had approved using $610,000 from the city’s Rental Affordable Housing Development Program using State Housing Initiatives Partnership funding for the acquisition costs for 15 of the 96 units. They reserved an additional $10,000 from SHIP to cover loan closing costs.

Largo gave an additional $840,000 to the project, bringing its total investment up to $1.46 million. The new commitment will allow 25 units to be reserved for households at 50% AMI.

Pinellas County has given a total of $5.56 million toward the project, according to Green. He said that affordable housing projects receive multiple sources of funding, which makes them complicated for developers. He said cities and local governments have to truly be committed to affordable housing to make these types of projects happen. Green praised Largo and Pinellas County for sticking to their commitments.

"We're building these developments for their residents and for their community, so it's important that everyone has a seat at the table and everybody contributes," Green said.

The property will be placed in the Pinellas County Housing Finance Authority Community Land Trust for 99 years. Green said it will stay affordable in perpetuity and will "never not be affordable."

The project is expected to be complete in 2024.

Over the last decade, Archway Partners has worked throughout the Southeast and has developed more than 1,500 residences valued at over $350 million, according to the company’s website. Archway Partners specializes in affordable, workforce and mixed-income housing.

Archway Partners is also behind Clearwater Gardens, an 81-unit affordable housing development planned for 1250 Cleveland St. in Clearwater. The project will be available for households earning between 30% and 80% of the AMI.