What is the story about?
What's Happening?
A luxury development project in downtown Tampa, led by Miami developer LD&D, has received a $5.4 million grant from the Tampa Community Redevelopment Agency. This funding will enable the inclusion of 30 workforce housing units within the DoMo at Cass Square project, which is a $200 million mixed-use development. The workforce units will cater to individuals earning between 80% and 140% of the area median income, representing less than 10% of the total 360 planned apartments. The development will also feature retail spaces, a hotel, and various amenities, aiming to serve both market-rate and moderate-income residents.
Why It's Important?
The grant represents a significant step towards addressing housing affordability in Tampa, a city experiencing rapid growth and rising property values. By integrating workforce housing into a luxury development, the project sets a precedent for mixed-income housing solutions that can help mitigate the effects of gentrification. This approach may serve as a model for other urban areas facing similar challenges, promoting inclusive development that accommodates diverse income levels.
What's Next?
Construction of the DoMo at Cass Square project is expected to begin soon, with completion anticipated by late 2027. As the development progresses, stakeholders will likely monitor its impact on the local housing market and community dynamics. The success of this project could influence future urban planning and development strategies in Tampa and beyond, encouraging more developers to incorporate affordable housing into their projects.
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