District hires market analysis to value core sites; consultants say market, interest rates determine best reuse

The Hillsborough County School Board on June 24 received a market assessment of several district-owned properties and a description of the evaluation method consultants use to estimate reuse value and revenue potential.

Andrew Wright of Franklin Street reviewed the firm’s methodology and principal findings. Wright said the review considered land use, surrounding market demand, and the “highest and best” development option for each site: examples included multifamily, hotel, office, townhomes or adaptive reuse of the existing buildings. “An acre of land is not an acre of land,” Wright said, emphasizing that zoning, utility access and allowable density govern what a site can support in value, not just its size.

Wright and staff said five district properties were reviewed at a high level: Rosack (a downtown property), the Rampella Garage, Brewster (Tampa Heights area), Jefferson High School and a parking lot near Leary. The presentation included simplified pro‑forma models showing a completed project’s stabilized value and then backing down to an indicative land value. Consultants warned that local market conditions — notably higher interest rates and 2024’s unusually large multifamily deliveries — have reduced rents and paused many development plans, affecting near‑term options.

Board members pressed staff about constraints on disposition options. Staff noted that a school site cannot simply be sold if it remains needed for education; if a school is relocated, the district may use land swaps or structured agreements rather than a straight sale. Board members also asked for stronger policy guardrails on how any lease or disposition process would run; several members requested a formal RFP process and clear policy language to guide future transactions.

District staff and the consultants recommended further, site‑level analysis and asked the board whether to proceed with deeper due diligence and community outreach. The board asked for one‑on‑one briefings, additional valuation estimates and a return workshop focused on individual sites. No sales, leases or contractual directions were authorized at the workshop.