Tampa Republic

The City of Tampa and The Richman Group of Florida, Inc. have officially broken ground on a new affordable housing development project along East Hillsborough Avenue. The initiative, aimed at addressing the affordable housing crisis in the city, marks a significant milestone in Tampa's housing history.

Mayor Jane Castor expressed her enthusiasm for the collaboration, stating, "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." The city's innovative approach involved providing The Richman Group of Florida, Inc. with a $12 million award to support the construction of a 100% affordable housing development on the site of the former Fun Lan drive-in movie theatre.

Todd Fabbri, President of The Richman Group of Florida, Inc., highlighted the company's dedication to serving the local community through the construction of this new development. "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," Fabbri stated.

Upon completion, the development will offer 354 affordable units to the local market, catering to families across various income levels. The rental rates will be based on the U.S. Department of Housing and Urban Development's state income limits, ensuring accessibility for a wide range of residents. Additionally, the development will feature a range of amenities, including a resort-style pool and spa, fitness center, game room, pet spa, and community garden.

The project is not only set to provide much-needed affordable housing options but will also bring improvements to the surrounding area. Roadway enhancements along 22nd Avenue will benefit both future tenants and nearby residents, further contributing to the community's overall development.

This groundbreaking initiative signifies a proactive step towards addressing the affordable housing crisis in Tampa, with the collaboration between the City and The Richman Group of Florida, Inc. serving as a model for future partnerships in the region. The development is expected to be completed by spring 2025, adding to the portfolio of 60 affordable housing projects undertaken by The Richman Group of Florida, Inc.