Oldsmar seeks developer to establish town center

The City of Oldsmar is soliciting a developer to build a centralized town center to spark economic activity downtown and energize the city.  

The city has issued an LOI (letter of interest) to interested developers to transform the existing seven to eight acres adjacent to the City Hall site into the Oldsmar Town Center. The available property includes the existing City Hall. 

The majority of the parcels, however, are vacant and unencumbered, and have been assembled by the city for several years with the concept that the area could “anchor or centerpiece of the broader community.”

In April, the city passed an ordinance to allow a potential developer to build 65 apartment units per acre on the site contingent upon adding shops, restaurants, a parking garage and public spaces. 

Earlier this year, the city contracted with the Community Solutions Group (“CSG”) of GAI Consultants to establish a community vision for the property. In July and August, the city updated its mission and vision for the future development of the property based on the feedback.

The acreage could accommodate a combination of residential, hospitality, parking, amenities and other considerations. 

The LOI highlights key market insights to developers:  

• Multifamily inventory in Oldsmar is limited relative to the inventory of owner-occupied homes. In the broader area, rental housing demand is strong. Within a five-mile radius of this location, there are roughly 15,700 mutifamily units. These have an occupancy rate of 96.4% as of the second quarter. Rents for these units average roughly $1,864 per month. Roughly 14% have been built since 2010.
  • The city has approximately 5.36 million square feet of office space within a five-mile radius of this location. As of the second quarter, the occupancy rate of this space was 86.2% with 24% classified as Class A office space.
  • There are approximately 9.43 million square feet of retail space within a five-mile radius of this location. As of the second quarter, the occupancy rate of this space was 97.2%.
  • In the same area, there are an estimated 845 hotel rooms. The market is comprised primarily of limited-service properties classified as upscale or upper midscale. As of June 2022, the 12-month occupancy rate was about 72.6%, with average daily rates (ADR) during the same period at $131.45. 

Any interested parties must submit a LOI via email to downtown@myoldsmar.com by Oct. 14 at 5 p.m.  

While the city is open to options including a full fee transaction or a ground lease, a full fee transaction is preferred. 

The interested developer(s) must submit a description of the proposed development, names of the involved firms, resumes and other additional information. 

The city or CRA will respond to the submitted LOIs by Nov. 14 via email or mail. The city will indicate if the vying respondent will be invited to submit additional qualifications, plans or information, or be requested to participate in discussions.