The first Largo apartment complex under the state’s Live Local Act is almost complete. It will provide affordable housing options for individuals and families.
According to Trammell Crow Residential managing director Steven Epps, the five-building luxury Caspia project, at 705 Redbud Lane, will begin to welcome residents around mid-April. Most of the final inspections for the first buildings are being completed this week.
Caspia consists of 240 units; 96 will be reserved for households who earn up to 120% of the area median income for 30 years. “The property was not zoned otherwise for multifamily,” Epps explained. “It was zoned industrial.”
Construction began in March 2025. The completed project will offer one and two-bedroom options. Amenities will include a pool, open-air terrace, private workstations, a fitness center and clubhouse with a gaming lounge.
Financial details were not disclosed.
Belleair Development Group had plans to create multifamily units on the property in 2021. This received community opposition and was not approved by the Largo government, the company’s co-owner Christian Yepes said.
Belleair executives then thought about developing industrial space due to the zoning. However, there were objections for that use case as well.
Once the Live Local Act went into effect in 2023, Trammell Crow Residential and Belleair leaders began to discuss a multifamily project. “We found that it was much more consistent with what was needed in this area,” Yepes said, “with such a shortage on housing and affordable housing options.”
The law, signed by Governor Ron DeSantis, authorizes “local governments to adopt ordinances to provide an ad valorem tax exemption for portions of property used to provide affordable housing meeting certain requirements,” according to the Florida Senate’s website.
While there were discussions about Belleair partnering in the initiative, the deal “ended up being a straight sale.”
The eastern 9.5 acres of the 15.5 acre-property were acquired by Trammell Crow Residential in early 2025. He added that the remaining western portion was sold to Southport Financial Services, which is planning to build a 168-unit complex.
“We were only involved in the initial engineering, entitlements and approval process to be able to do those developments,” Yepes explained.
Trammell Crow Residential, a subsidiary of Crow Holdings, has been investing in the Florida real estate market for a decade with projects in Orlando, Fort Lauderdale and other municipalities. The company expanded to the Tampa area in 2020, Epps said, and opened an office locally two years later.
Currently, three Trammell Crow projects have opened in the region: Alexan Grove in Wesley Chapel, Allora Uptown in Tampa and Allora River Ridge in New Port Richey. More developments are planned.
Construction will continue until the summer.