Apartment project coming to Pasco

Although rental rate growth in Gulf Coast multifamily properties has risen steadily for the past three years, a Coconut Grove developer is building an alternative that will be more in line with stagnant wage gains.

Housing Trust Group has begun work on the Park at Wellington in Holiday, a 220-unit multifamily complex it contends will provide “affordable housing.”

The $38 million complex is being financed with a combination of low-income housing tax credit equity and a conventional construction loan.