Pasco will get $94 million, 228-unit affordable housing community

Minnesota-based affordable housing developer Dominium has bought a 15.6-acre parcel in Pasco County and plans to build 228 apartments.

The property is at 2638 Aquaview Lane in Holiday and, according to county property records, was previously owned by Pasco’s school system. 

The property had been deemed surplus and was sold for $1 million, a schools spokesperson says in an email. The deal closed last week.

A Dominium spokesperson says the planned development is a $94 million project.

The plan is to build the community, which will be named Cobia Cove, in two phases. The first, which will be made up of 108 units, is expected to be complete in April 2027. The final 120 units will be finished several months later in July.

Of the 228 apartments, there will 120 two-bedroom, 60 three-bedroom and 48 four-bedroom units. Units will be rent restricted at 60% of the Tampa MSA's area median income.

According to a statement issued by Dominium, the project “is made possible” through the Section 42 Low-Income Housing Tax Credit program. The federal program allows the tax credits in exchange for developers agreeing to keep rents to the Area Median Income.

The Cobia Cove project in Holiday is the second affordable housing development Dominium is building in Pasco. The other is a 388-unit community at 5430 Jackstay Road in New Port Richey.

Dominium, according to its website, was founded in 1972 and currently manages more than 38,000 apartments in 19 states. In all, it has 230 communities with 25 in Florida. Of those, there are one each in Bradenton, Palmetto, Port Charlotte, Port Richey, Fort Myers, Cape Coral, Punta Gorda and Naples.