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Largo ends development agreement for West Bay Drive site; staff to seek new options
Summary
The City Commission approved termination of a development agreement covering redevelopment of the 500–600 blocks of West Bay Drive after the original developer said it cannot proceed. Staff said ownership and a repurchase option remain in place and will explore new development opportunities.
The City Commission on March 4 voted to terminate a development agreement covering the redevelopment of the 500 and 600 blocks of West Bay Drive after the developer informed the city it cannot complete the previously proposed mixed‑use project.
City staff told commissioners that the city entered into the development agreement on March 21, 2023, with a developer identified in the agreement as "5 Hundred–6 Hundred West Bay Drive, LLC" and seller Largo Central, LLC. The planned project had included roughly 276 multifamily units and commercial space; staff said unforeseen circumstances have prevented the developer from moving forward.
Under the termination plan the 600 block will remain under Largo Central LLC ownership; the 500 block is subject to a repurchase agreement that would allow the Community Redevelopment Agency to reacquire the land if needed. Staff recommended termination to allow the city to explore new, financially feasible development options with the existing seller or other developers.
Commissioners discussed design models and development goals for the site, including references to pedestrian‑oriented streetscapes and examples such as Beach Drive in St. Petersburg, and asked staff to continue outreach to developers and evaluate financially sound proposals. A commissioner asked whether the city had incurred costs related to ending the agreement; staff said no city costs were identified beyond staff time.
A buyback figure mentioned during discussion was approximately $200,000; staff said they would confirm the exact repurchase amount in the agreement. The commission approved the termination motion by a 5‑0 vote.
Next steps outlined by staff include continued engagement with Largo Central LLC, solicitation of interest from new developers, and reevaluation of the site's usage and development models. Staff will report back to the commission as options are developed.
