Temple Terrace CRA staff reports multiple development projects, Riverside parcel use debated

Greg Polley, the City of Temple Terrace business relations manager, told the Community Redevelopment Agency on Feb. 15 that six active projects are tracking through the city’s redevelopment area and that several city-owned parcels remain available for development or reuse.

Polley said the CRA’s 225-acre redevelopment area — formed in September 1999 and bounded roughly by the Hillsborough River, Ridge Road, 90 Eighth Avenue and the Tampa city line — has accumulated about $58,163,810 in taxable increment value since its base value was set in February 2004 at $62,978,340. He said current fiscal-year revenue to the TIF includes $322,136 from Hillsborough County and the Tampa Court Authority plus $362,201 in internal city transfers for a total he presented as $684,337.

The update summarized individual projects: Fountain Shops (2.5 acres) with four existing buildings and a fifth in design, an estimated assessed value of about $4.25 million and an expected annual TIF yield of about $40,000; Waverly Terrace Luxury Apartments (4.85 acres) with two 4‑story residential buildings and an estimated assessed value near $24 million and an expected annual TIF yield of about $219,000; Enigma Plaza (redevelopment at 8633 N. 50th St.) estimated at $4.38 million and an estimated annual yield of about $34,000; Salem’s quick-service restaurant (out parcel at 5400 E. Bush Blvd.), interior work delayed and estimated to add roughly $900,000 in increment and about $11,000 annually to the TIF; Silvio Palms (12 single-family homes, northwest quadrant) estimated total assessed value about $2.65 million and an estimated annual yield near $32,000; and Overlook Oaks (formerly “Grow Hope Village”), a 0.61-acre Habitat for Humanity project of four homes estimated to add about $850,000 in increment and roughly $10,500 annually.

Polley identified several remaining CRA parcels: 8901 N. 50th Street (1.7 acres) west of Waverly Terrace; 8447 N. 50th Street (1.74 acres), the site of the former Curry Bowl restaurant; and the Riverside parcels at 205 S. River Hills Drive (about 4.4 acres made up of multiple lots adjacent to the Hillsborough River). He said there has been interest in the 8901 parcel but “we do not have a proposal to bring to you at this time.”

On the Riverside parcels, staff reported site clearing and initial tree work and described possible short-term improvements and use. Staff member Langfeld said the short-term parking plan would be “suitable to hold probably 8 to 12 cars” using a pervious surface, with curb cuts and one or two handicap spaces poured in concrete. Polley and Langfeld discussed tree trimming, passive park features such as walking trails and gazebos, and the trade-off between improving the parcel for public use now versus preserving it for a possible future sale.

Polley said he had spoken with two development teams and that interest has increased since clearing the site, but he said no formal proposals had been submitted. He cautioned that further built improvements could complicate future sale negotiations and noted about $30,000 has already been spent on tree work.

Council members asked about connectivity between CRA properties, stormwater-pond enhancement and pedestrian access to the library. Polley said staff has taken a design-field trip and shared preliminary discussions with consultants and that design work has not yet advanced to a final plan. He said any design or construction would require funding and further direction from the city manager and council.

On two operational topics raised during the Q&A, Polley said he had “spoken to mister Berman. He has expressed expressed an interest not to renew the current agreement, which expires at the end of this month,” referring to the city’s contract with Cushman & Wakefield. Polley said his plan was to let the contract expire, publish a notice of disposal to notify the market and, if appropriate, issue an RFP or reengage brokers.

Polley also updated the CRA on electric-vehicle charging. He said the CRA had passed an early review and that Tampa Electric had put the redevelopment area on a short list; Polley said, “I just received another notice last week that we've made the very short list,” and that Tampa Electric staff will conduct an on-site visit the first week of the next month before final approval.

Why it matters: The projects Polley described are the primary near-term sources of new taxable increment the CRA uses to repay financing and fund infrastructure and programing in the redevelopment area. Council members repeatedly pressed for clearer valuation bases, connectivity and a firm plan for the Riverside parcels before committing additional design or construction funds.

Polley listed estimated assessed values and projected TIF yields for each project; he said assessments and online appraisal data changed during his review and that his estimates are a moving target subject to the Hillsborough County Property Appraiser’s final determinations. Polley recommended staff pursue broader market outreach for unsold parcels while balancing short-term public-use improvements where appropriate.

Poling up next steps, staff said they will continue outreach to brokers and developers, follow up with Tampa Electric field work on EV chargers, and pursue design options for pocket improvements and connectivity with input from design consultants and the incoming interim city manager.

Polley’s presentation and council questions comprised most of the meeting’s substantive discussion on CRA items; no formal decisions to sell or permanently change use of the Riverside parcels were taken at this meeting.