In a bowl, combine the yeast, 1/4 cup lukewarm water and 1/4 cup flour in a small bowl. Let it stand for 30 minutes. Add the remaining 1-3/4 cup flour, 1/2 cup plus 2 tablespoons luke warm water, olive oil and salt. Mix the dough thoroughly. Turn out onto a floured surface and knead until smooth, elastic and a bit tacky to the touch, 7 to 8 minutes. Place in an oiled bowl and turn to cover with oil. Cover with plastic wrap and let rise in a warm place (75°) until double in volume, 1 to 1-1/2 hours.
Alternately, you can let this dough rise in the refrigerator overnight. The next day, bring the dough to room temperature and proceed.