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CRA board advances two redevelopment proposals — hotel/retail at 8447 and mixed retail at 8901 — to City Council
Summary
The Temple Terrace CRA voted to forward two site proposals to the full City Council: a $1,000,000 offer from a local buyer for a 1.74-acre parcel (8447) proposing a hotel and retail, and a $1,800,000 offer from Streamland Development Partners for parcel 8901 with an initial Chipotle end user and additional retail/restaurant space.
The Temple Terrace Community Redevelopment Agency on Sept. 20 voted to advance two proposals for agency-owned parcels in the redevelopment area to the full City Council for detailed presentations and consideration.
Colonel Wortham, the redevelopment consultant, summarized the CRA’s vetting process, saying the team reviewed concept fit with the redevelopment plan and Land Development Code, buyer legitimacy and financial capacity, and the likelihood of identifying primary end users in the due-diligence period. “We wanted to make sure the project was in line with the city vision, the land development code and your redevelopment plan,” he said.
Parcel 8447: The board was presented with a bid from a local businessman identified in the meeting as Sue Hale. The 1.74-acre L-shaped parcel includes the former Indian restaurant site. The purchase price is $1,000,000 (the approved full asking price) plus an additional $25,000; closing costs and commissions were noted in staff materials. The buyer’s concept calls for a hotel with ground-floor retail fronting 56th Street and possibly a restaurant or rooftop bar. Staff estimated the completed project’s assessed value at about $12,000,000 and projected ad valorem proceeds of roughly $228,000 (with an approximate city portion of $77,000). The inspection/due-diligence period is 120 days, closing 30 days after due diligence, and estimated completion within 24 months.
Parcel 8901: Streamland Development Partners of Birmingham, Ala., proposed for the site near the Fountain Shops. Their initial end user is a Chipotle on part of the parcel; Streamland’s purchase offer was $1,800,000 on a listing price of $2,000,000. Staff presented an estimated final project assessment of $4,500,000 and projected ad valorem of $85,000 (with the city portion estimated at about $29,000). The proposal anticipates retail and restaurant uses for the remainder of the site; Streamland acknowledged the need to secure a second end user during due diligence and included a clause allowing additional time with payment if required. Due diligence was set at 120 days, with a 30-day closing following due diligence and a 24-month completion window.
Staff noted the city retains a right of first refusal on proposed end users, a mechanism the CRA will use to ensure projects align with the city’s vision. After the presentations, a board member moved and another seconded a motion to forward both proposals to the City Council; the motion passed with no opposition recorded in the transcript.
The Board deferred full presentations of each developer’s complete proposals to the City Council meeting later that evening, giving council members an opportunity to ask detailed questions of the buyers and staff.
