Following three public open houses that drew majority support from residents, the Oldsmar City Council voted unanimously on Tuesday, July 21, to advance a downtown redevelopment agreement with Stanbery Development Group LLC.
The vote officially directs the city attorney to reduce the 31 baseline essential terms into a formal, binding contract for future council consideration. The decision marks a major step forward for the long-debated eight-acre, city-owned property situated within the downtown redevelopment district between Tampa Road (SR 580), State Street and Washington Avenue.
The mixed-use project calls for 240 residential units, a public plaza and more than 21,000 square feet of ground-floor retail.
City Manager Felicia Donnelly presented a review of the public feedback gathered from the three open houses held earlier this month at Gull Aire Village, Cypress Forest Recreation Center and the State Street Center.
According to official city data, 87 residents attended the informational sessions, with 64 completing detailed comment cards. The survey results showed that 75% of respondents favored the proposed project terms.
She said 56% were “strongly supportive” of the essential terms of the development agreement, and 19% indicated they were “somewhat supportive.”
Of the remaining attendees who submitted feedback, 14% expressed strong opposition, while others were neutral.
“I thought it was a good cross-section of the city,” Vice Mayor Steve Graber said. “You always hope for more turnout, but I was actually excited about that amount of people ... getting that up to 75% of people in support of it, I thought that was a positive step in the right direction.”
Commissioner Sean Swauger highlighted that the positive response was particularly strong among residents living closest to the site.
Before taking the vote, Donnelly read the 31 negotiated baseline terms into the public record. The terms establish strict operational and financial safeguards for the town center project.
Under the agreed framework, Stanbery Development Group will pay the city $2 million for the property, backed by a non-refundable $200,000 deposit upon signing the development agreement.
The terms also enforce a strict construction timeline. If the developer fails to complete the project within 60 months, Stanbery must pay $350,000 annually in liquidated damages, calculated at $29,167 per month, to offset lost ad valorem tax revenues.
Crucially for neighboring residents, the terms dictate that no residential certificates of occupancy will be issued until all on-site commercial buildings and public gathering spaces receive their certificates of completion. Additionally, all apartments must be rented at market rate, rendering the project ineligible for local property tax exemptions.
Mayor Katie Gannon noted that residents who reviewed the boards specifically recognized these financial mechanisms.
“The comments from the residents on the actual terms were very insightful,” Gannon said. “Some, for example, pointing out the terms that are particularly protective of the city ... various protections to make sure that this happens in the way that we’re envisioning. Many compliments to the negotiators at the table.”
Once finalized, the formal contract will return to the City Council for a public hearing and final vote before any land transfer or construction permits can proceed.
Residents can monitor upcoming council agendas on the city’s official portal at myoldsmar.com.