Currently, the City's regulatory documents do not provide an incentive for vertically integrated mixed-use developments. To encourage these kinds of developments, this incentive will allow a higher number of residential units that could be built on the higher floors, but only with a Development Agreement (see below). By offering an increase in the number of residential units per acre allowed in this type of development, these changes will offer an incentive to build residential rather than the higher density commercial currently allowed in the zoning district.
A vertically integrated mixed-use building is a single building which accommodates multiple land uses, with more active uses (e.g., retail commercial) established at ground level and less active uses (e.g., residential, office) on higher floors.
This type of use, along with an increase in residential density, has many benefits to Oldsmar:
- Provides an incentive to increase residential population rather than create a commercial corridor
- Creates additional housing options for residents
- More units per acre encourages the inclusion of smaller, more affordable units
- Attracts younger affluent population
- Everyone walking by the shops or living nearby becomes a potential customer
- Reduces cost to maintain public infrastructure
- Reduces environmental footprint
- Helps to attract new employers
- Positions residential population above the ground floor, reducing risk to flood exposure
A Development Agreement will be required for any new vertically integrated mixed-use development. Development Agreements are entered into by the City and a developer to expressly define a development project’s rules, regulations, commitments, and policies for a specific period of time. The purpose is to strengthen the public planning process by encouraging private participation in the achievement of comprehensive planning goals and reducing the economic costs of development. A development agreement reduces the City's risks associated with development.
The City's Land Development Code, Section 14.7 defines a specific process for the execution of a Development Agreement, which includes 6 agenda items at public meetings, where citizens can comment. Click here to read.