The Vicente
| Address | 2914 N. Nebraska Ave., Tampa, FL 33602 |
| Units | 20 |
| Attainable Housing | < 80% Area Median Income (AMI) |
| Population Served | Workforce Housing |
The project is designed to complement the historic character of VM Ybor, incorporating architectural elements that respect the neighborhood’s unique aesthetic while offering modern, efficient living spaces. The development is expected to enhance the Nebraska Avenue corridor, serving as a major catalyst in the area’s revitalization efforts.
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The Vicente – Community FAQ
What The Vicente project?
The Vicente is a 20-unit affordable housing development with ground-floor retail space, located at 2914 N. Nebraska Avenue in East Tampa’s V.M. Ybor neighborhood. It is designed to serve working-class residents earning 50% to 80% of the Area Median Income (AMI).
How does this benefit East Tampa?
This project brings long-term, deed-restricted affordable housing to a corridor that has seen decades of disinvestment. It helps preserve affordability for current residents and workers while catalyzing future economic activity. It also creates new local jobs and retail space for neighborhood entrepreneurs.
Why is the Nebraska Avenue location important?
Nebraska Avenue has been identified by planning and policy leaders, including local university researchers and the East Tampa CRA, as a high-priority transportation and investment corridor. The Vicente is one of the first projects aiming to activate the street with high-quality, walkable, mixed-use development and will be the most significant project along this portion of the Nebraska Avenue corridor in decades.
Why does the cost per unit seem high compared to other projects?
The project’s unit count was intentionally reduced in response to community feedback. Neighbors preferred a small-scale development that aligns with the character of the surrounding neighborhood, rather than a larger, tax-credit-driven apartment complex. Because of the reduced unit count and exclusion from federal LIHTC financing, per-unit costs appear higher.
But the total project cost ($9.4M) includes:
- Site control and predevelopment costs
- Unit build-out
- Rooftop Amenities
- Retail build-out
- Local contractor and WMBE participation
- Infrastructure upgrades required by the City
What are typical costs for affordable housing construction in 2025?
Construction costs for affordable housing have risen significantly across the country. According to the National Low Income Housing Coalition (2024) and recent HUD data:
- The average cost per unit for affordable housing in the U.S. now exceeds $300,000 -$350,000.
- In many parts of Florida, including Tampa, costs regularly reach $375,000 -$450,000 per unit, especially for small-scale infill projects with local hiring and energy-efficient construction.
- Factors include labor shortages, rising material costs, stricter building codes, and long permitting timelines.
Given that The Vicente is a smaller, neighborhood-scaled development with quality design, walkability features, and WMBE targets, its cost per unit is consistent with statewide trends.
How is this project funded?
Funding sources include:
- Private equity from Urban ReWorx
- Hillsborough County subsidy support
- A request for $5 million in CRA Special Projects Grant funding (pending)
How will this benefit families in East Tampa?
Units are designed to be accessible to essential workers, small families, and first-time renters. These homes will help working-class residents build financial stability while remaining in their community. The ground-floor retail space also creates opportunities for locally owned businesses to grow.
Other benefits include:
In-unit amenities, including access to balconies and in unit washer/dryer
Community spaces, including rooftop pergola
Multi-modal transportation, including charging for scooters and e-bikes
How can this be justified as cost-effective?
This is 50-year deed-restricted affordable housing. While $5 million may seem like a large upfront cost, over 50 years it equates to just:
- $100,000 per year total
- $5,000 per unit per year
That’s a long-term, locked-in affordability guarantee—something that’s increasingly rare in today’s market.
According to the National Low Income Housing Coalition (2024), the average cost to build a new affordable housing unit in the U.S. now exceeds $300,000–$350,000 per unit, and Florida markets with rising land and construction costs are often well above $375,000 per unit. Despite its small scale and unique site constraints, The Vicente is within this range.
Who will build the project?
The project will be constructed by a local CM/GC team selected through a competitive RFP process. Strong preference is given to SMBE / WMBE-certified firms, and at least 10% of all subcontractor participation must come from SMBE / WMBE vendors. All progress will be tracked and reported.
How was the community involved?
Urban ReWorx and its partners have held multiple meetings with:
- V.M. Ybor Neighborhood Association
- Ybor Heights Neighborhood Association
- Jackson Heights Neighborhood Association
- East Tampa CRA CAC
- Key stakeholders, countless neighbors, small business owners
The final design reflects direct input from neighbors who wanted scale, affordability, and integrity, not displacement.
Is this a new role for CRAs in Tampa?
Yes. This project represents a new direction for Tampa CRAs, investing directly in the creation of long-term affordable housing. The Vicente has the potential to be the first of its kind and a model for how CRA resources can be used to stabilize neighborhoods, support inclusive growth, and address housing access head-on. It sets the stage for many more community-led projects to follow.
What happens next?
Pending CRA approval and final funding commitments, the project is ready to break ground as early as Fall 2025. The team is shovel-ready, zoning is approved, and all necessary predevelopment work has been completed.