In a large bowl, combine water, yeast, honey and olive oil. Mix with a spoon, then let sit until foamy, about 10 minutes. Add in 2 1/2 cups flour and salt, stirring with a spoon until the dough comes together but is still sticky. Using your hands, form the dough into a ball and work in the additional 1/2 cup flour, kneading it on a floured surface for a few minutes. Rub the same bowl with olive oil then place the dough inside, turning to coat. Cover with a towel and place in a warm place to rise for about 1-1 1/2 hours.