The Oldsmar City Council has approved the key terms of a development agreement that would transform 8 acres of city-owned land into a walkable downtown district.

The site sits between Tampa Road, State Street and Washington Avenue. Under the terms approved in late July, the city attorney will now draft a formal development agreement based on 31 conditions the city says protect its vision for the property.

The developer, Stanbery Development Group, has proposed 21,000 square feet of retail space, 240 apartment units and a public plaza. The company would pay the city $2 million for the land.

Before the vote, the city held three public open houses to gather resident input. Of 64 comment cards collected, 75% of respondents said they somewhat or strongly supported the terms, while 16% were somewhat or strongly opposed.

Vice Mayor Steve Graber said he was pleased with the turnout and feedback from the open houses, calling it a positive step forward for the process.

Some residents expressed mixed views. Chad Scerbo, who has lived in Oldsmar for decades and often walks his dog on the undeveloped land, said he supports moving forward with development and believes it could bring economic growth, even though it isn’t the plan he personally would have chosen. He also said he’d like to see the project eventually include more entertainment options to give Oldsmar a stronger identity.

Among the approved terms, at least 30% of the retail space must be dedicated to food businesses. The terms also limit duplicate types of businesses — apart from furnishings, clothing and gift shops — to encourage variety among early tenants.

Stanbery Development Group would have five years to complete the project. If the developer misses that deadline, the terms require monthly payments of more than $29,000 to the city — an amount officials say reflects the property tax revenue the city would have otherwise collected.

Next steps include a review of the drafted agreement by the city’s planning board at a public meeting, followed by two additional public hearings before the city council for final consideration.

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