What was once a cluster of aging public housing units has been reimagined as a cornerstone of Ridgecrest’s future thanks to Newstar Development.
Heritage Oaks, a new senior-focused affordable housing community developed by Newstar Development, officially opened as the first completed phase of the long-anticipated Rainbow Village Redevelopment. The project replaced 48 outdated public housing units with 80 modern one- and two-bedroom apartments, purpose-built to give seniors a safe, dignified, and affordable place to call home.
For Pinellas County and the Ridgecrest community, the opening marked more than the completion of a single development. It signaled the start of a broader transformation. Rainbow Village is expected to ultimately replace 200 aging units with approximately 400 new affordable apartments serving seniors, individuals, and families — doubling capacity while dramatically improving quality of life.
“Affordable housing is a critical need in our community, and the Pinellas County Housing Authority is committed to delivering solutions that make a real difference,” said Neil Brickfield, executive director of the Pinellas County Housing Authority. “Heritage Oaks reflects our dedication to creating high-quality homes that support residents and strengthen neighborhoods.”
With a total development cost of $31 million, Heritage Oaks came together through a layered financing effort that underscores the complexity — and collaboration — behind affordable housing in Pinellas County. Funding sources included 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. All 80 apartments are reserved for seniors earning 60 percent or less of the area median income.
For Newstar Development, the project aligned squarely with its long-term approach to community-centered development.
“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.”
That vision extends well beyond housing alone. The Rainbow Village Redevelopment is a key pillar of the Greater Ridgecrest Master Plan, a long-term partnership between residents and Pinellas County Government aimed at revitalizing the unincorporated Largo-area neighborhood. Alongside new housing, the plan calls for expanded parks and recreation spaces, safer pedestrian infrastructure, and broader neighborhood enhancements designed to create a more connected and resilient community.
Heritage Oaks also advanced the goals of the Advantage Pinellas Housing Compact, a countywide collaboration between Pinellas County and its municipalities focused on increasing access to quality affordable housing. Through the compact, local governments align resources and policy to support developments that help residents remain rooted in the communities they call home.
As the first phase of Rainbow Village now stands complete, Heritage Oaks offers a tangible example of how public-private partnerships — led by developers like Newstar Development — can reshape neighborhoods while preserving affordability. For Ridgecrest’s seniors, it represents not just new housing, but a renewed sense of stability and belonging in a community investing in its future.
