Minnesota-based developer Dominium has finalized the purchase of a 15.6-acre parcel in Pasco County, aimed at developing a new affordable housing project.
The strategic acquisition, located at 2638 Aquaview Lane in Holiday, previously belonged to the local school system. The property, deemed surplus, was sold for $1 million, marking a significant milestone for the region’s housing development.
Dominium, renowned for its focus on affordable housing, announced plans for a $94 million construction of a 228-unit community named Cobia Cove. The project will unfold in two phases, with the initial 108 units projected for completion by April 2027. The subsequent phase, comprising the remaining 120 units, is anticipated to be ready by July the same year.
In a bid to address the housing needs, the development will offer a mix of 120 two-bedroom, 60 three-bedroom, and 48 four-bedroom apartments. To ensure affordability, rents will be capped at 60% of the area’s median income, aligning with the guidelines of the Section 42 Low-Income Housing Tax Credit program. This federal initiative incentivizes developers by offering tax credits in exchange for maintaining affordable rent levels.
Cobia Cove represents Dominium’s second venture in Pasco County, complementing their ongoing 388-unit project in New Port Richey. With a robust portfolio across 19 states—totaling more than 38,000 apartments—Dominium underscores its commitment to expanding accessible housing. In Florida alone, they manage 25 communities, with eight strategically located in key cities.
Founded in 1972, Dominium’s extensive experience in managing affordable housing is evident in their expansive reach and consistent operational growth. Their projects are not merely about construction; they reflect a deeper commitment to addressing housing shortages and providing sustainable living solutions across various communities.
The development of Cobia Cove signifies a substantial step forward in addressing the affordable housing demand in Pasco County. With Dominium’s strategic planning and commitment to housing accessibility, the region can anticipate a future where quality, affordable living is within reach for more residents.
Source: Businessobserverfl
