Oldsmar envisions new mixed-use town center on State Road 580
By Henry Queen
Tampa Bay Business Journal
Published: Sep 19, 2024

Oldsmar plans to sell 8 acres of city-owned property to a developer for a mixed-use development, aiming to capitalize on a real estate trend that has accelerated post-pandemic.

The town center could add 250 apartment units, 27,000 square feet of food and retail space and 8,000 square feet of office space — all while creating a central gathering place for residents in the suburban Pinellas County city.

City leaders voted 3-2 last month to begin land sale negotiations with Stanbery Development Group. The Ohio-based firm offered $2 million for the land. Coral Gables-based Office America Group also submitted a proposal in response to a request for proposals in early 2024, which followed multiple other attempts.

Mixed-use developments have been in vogue for decades, and the era of online shopping and suburban population growth has expanded their appeal to developers and municipalities. Mixed-use sites help attract consumers away from e-commerce retail while offering owners more resilience to market fluctuations.

Unlike in Pasco County, ground-up projects like Stanbery’s Oldsmar proposal haven’t been as popular in Pinellas County. However, Pinellas Park does have long-term plans to create its own downtown district surrounding a public park. According to CoStar, 51,000 square feet of traditional retail space is currently under development across Pinellas County.

Stanbery has been searching for property in Tampa Bay to develop a town center for about six years, according to a letter filed with the city. It is currently constructing a $250 million mixed-use district in Parsippany, New Jersey.

“Oldsmar Town Center will be a community asset that becomes a hub for residents of all ages to live, dine, shop and connect,” Stanbery Partner Jon Meyer wrote in his letter. “It will be the place to listen to music on weekend evenings, shop the farmer’s market on Sunday mornings and enjoy the summer movie series on Tuesday nights in the park.”

Stanbery’s proposal has been a “touchy subject” among Oldsmar residents, generating hours of public comment during a special hearing.

According to Mayor Dan Saracki, who voted against the authorization to negotiate, the entire approval process may take two years. Public input will be a priority for the city.

“The precedent that we’re setting is: If you want to move forward with the city of Oldsmar in developing anything, you will be subject to a massive public process [and] multiple rounds of public engagement,” Councilmember Katie Gannon said during a meeting.

In addition to Stanbery, Baker Barrios Architects, Bohler Engineering, Rycon Construction and ACRE Commercial Real Estate are a part of the development team.

The city of Oldsmar has a population of just under 15,000 as of the 2020 U.S. Census. It is located at the far north of Old Tampa Bay just across the Hillsborough County line from Westchase, and this mixed-use site is adjacent to its city hall.