Developers want to expand downtown Largo apartment project
By Henry Queen
Tampa Bay Business Journal
Published: Jul 25, 2024

A team of developers is in negotiations for a parcel of land in downtown Largo that would complete their vision for a mixed-use development spanning two downtown blocks.

Miami-based Property Market Group and Largo developer Gary Tave are seeking an amendment to their development agreement with the city that would slightly increase the project's size and housing units to 2.84 acres and 284, up from 2.76 and 276, respectively. Approximately 23,000 square feet of general commercial space and a parking garage are also planned.

The project — on West Bay Drive directly west of the new city hall under construction — received approval from Largo commissioners in March 2023. However, there is a single-family home on the northeast corner of the 600 block that needs to be vacated for the project to reach its desired size.

The Largo planning board is considering the amendment on Aug. 1 before another round of public input and a vote from the full Largo commission. The land sale is expected to close after the necessary approvals.

Tave declined comment. PMG didn't respond to a request for comment.

Mark Richard, Largo's acting economic development manager, said the project illustrates that downtown Largo is regaining its luster. Earlier this month, city officials heard a proposal to establish an entertainment zone that would allow for the sale of alcoholic beverages, live music and more in the immediate vicinity of the new city hall.

"The goal is really to bring energy and activation, to provide greater opportunities for local residents for things to do," Richard said. "It will be everything from markets to music to art. We envision things like yoga in the plaza."

The city hall project will also include approximately 18,000 square feet of retail space. Richard said Colliers is in active lease negotiations with several unnamed companies.

"We're going to be very strategic in selecting businesses that not only are attractive to the local community but also provide a day and a nightlife to that area," Richard said.

The apartment complex on the 500 and 600 blocks, meanwhile, is the largest of several multifamily projects in the works for downtown Largo, though it's taken nearly a decade to get to this point.

Dubbed the West Bay Lofts, the project couldn't secure financing in the years after Tave purchased the land in 2015. He then brought PMG on board to help bring the development to fruition.

Richard noted that the new design will be more functional and aesthetically pleasing, as it won't have to wrap around the single-family home.