The $31 million project includes a range of on-site amenities designed to support active, independent living, including a fitness center, computer lab, shuffleboard court, and a small dog park.
A pickleball court is planned as a future addition.
Funding for the project came from a mix of public and private sources, including Raymond James Affordable Housing Investments and Raymond James Bank, $3.36 million in Pinellas County HOME Investment Partnerships Program (HOME), State Housing Initiatives Partnership (SHIP), and Community Development Block Grant (CDBG) funds, low-income housing tax credits allocated by the Florida Housing Finance Corporation, Pinellas County Housing Authority funds, and HUD rental assistance.
“At Newstar Development, our goal is to develop communities that residents feel proud to call home,” said Brian Evjen, president of Newstar Development. “Heritage Oaks provides seniors with safe, modernized, and affordable homes and reinforces the long-term vision for a stronger, more vibrant Ridgecrest community.”
Residents impacted by the demolition of the older Rainbow Village units were offered housing vouchers to assist with relocation during construction.