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HomeMy WebLinkAboutItem 02 Approval of First Amendment to Downtown Master Developer Consulting Services Agreement City of Ocoee ▪ 1 N. Bluford Avenue ▪ Ocoee, Florida 34761 Phone: (407) 905-3100 ▪ www.ocoee.org STAFF REPORT Meeting Date: July 7, 2026 Item #: 2 Contact Name: Michael Rumer Department Director: Contact Number: Ext. 6434 City Manager: Craig Shadrix Subject: Approval of First Amendment to Downtown Master Developer Consulting Services Agreement with G3 Development (RLI #24-003). (Assistant City Manager Rumer) Background Summary: On December 3, 2024, the City entered into a Downtown Master Developer Agreement with G3 Development to serve as the Downtown Master Developer. As part of that agreement, G3 prepared the Master Developer Final Report, a strategic framework to guide the redevelopment of Downtown Ocoee. The report integrates the aspirations of the City Commission, staff, and residents with current market realities, offering a phased, actionable roadmap to bring the community's vision to life. G3 presented the report to the City Commission on November 18, 2025, and is attached for reference. City staff and G3 Development have since discussed continuing G3's role as Downtown Master Developer and have proposed a First Amendment to the original agreement. The amendment covers an initial six-month period, with an option for an additional six-month extension, and provides for G3 to: • Assist the City in rolling out incentive and market-gap frameworks, including Standard Development Agreement components such as land conveyance, city incentives, developer performance standards, and term sheets; • Submit up to three Catalyst Project sites for consideration under Public-Private Partnership (P3) agreements; • Assist City staff with deal-specific economics (developer fee, equity, land terms) and support negotiation of project development agreements; • Assist in updates to the 2017 Downtown Master Plan; and • Provide consultation on addressing downtown parking, including both open lots and structured parking. The First Amendment will replace the initial agreement and will be reviewed at the end of the initial six-month period. If G3 secures approval on any of the three Catalyst Projects and continues on that path, the agreement will conclude at that point. If, after six months, a Catalyst Project deal has not been completed or other consulting is needed, staff will seek the additional six-month extension to continue G3's support. Issue: Should the Honorable Mayor and City Commission approve the First Amendment to the G3 Downtown Master Developer Consulting Services Agreement for the Master Downtown Developer under RLI #24-003? City of Ocoee ▪ 1 N. Bluford Avenue ▪ Ocoee, Florida 34761 Phone: (407) 905-3100 ▪ www.ocoee.org Recommendations: Staff recommends the Honorable Mayor and City Commission approve the First Amendment to the G3 Downtown Master Developer Consulting Services Agreement for the Master Downtown Developer under RLI #24-003 which will replace the terms of the original agreement. Attachments: 1. First Amendment to Master Development Consulting Services Agreement 2. City of Ocoee Master Developer Report Financial Impacts: The $93,000 will be funded from the Planning Division's Professional Services budget. Type of Item: Consent FIRST AMENDMENT TO MASTER DEVELOPMENT CONSULTING SERVICES AGREEMENT 1. Executive Summary. G3 Development completed Phase l of the Master Developer engagement with the delivery and acceptance of the Downtown Ocoee Master Developer Report. The analytical and strategic foundation for redevelopment has been established. Phase 2 translates that foundation into execution. This memorandum outlines the proposed scope, schedule, and compensation structure for Phase 2 and is intended to align the City and G3 on principal terms in advance of a formal addendum to the existing Master Developer Agreement, to be drafted by the City Attorney with review by G3 counsel. The pages that follow define each workstream with explicit role boundaries, present a twelve-month engagement schedule with workload weighting across the three workstreams, lay out the flat-fee retainer and transparent overage structure, and set out the principal terms of the proposed Phase 2 Addendum for the City's acknowledgment. 2. Scope of Services. Phase 2 comprises three concurrent workstreams. Each is deemed below with the specific role G3 plays and where the City Attorney and staff take the lead. Workstream 03 - Downtown Master Plan Coordination - concludes on page 3 alongside the engagement schedule. 3. Incentives & Market Gap Tool Rollout. G3 leads the strategic design and rollout of the incentive and market gap tools recommended in the Phase 1Report - prioritizing which tools to launch, shaping eligibility criteria and funding alignment, designing the application flow, crafting developer outreach, and standing alongside the City through Commission workshop, public hearing, and post-launch course correction. The City Attorney and staff handle formal legal drafting and day-to-day administration. a. G3 delivers: i. Recommendation on which tools to prioritize for launch ii. Coordination with City staff to advance the rollout iii. Input on eligibility criteria parameters iv. Written review and comment on City-drafted program documentation v. Participation in Commission workshops and public hearings as requested vi. Guidance on rollout communications and ongoing program performance b. Handled by the City i. Funding source alignment with City finance staff ii. Application flow design and intake procedures iii. Drafting of application forms, guidelines, and procedures iv. Drafting of resolutions, ordinances, and interlocal agreements v. Production and distribution of outreach and communications materials vi. Program administration, staff training, and day-to-day applicant support 4. Catalyst Project Development Agreements. G3 advances up to three (3) catalyst sites identified in the Phase 1Report from prioritization through executed development agreement. Sites proceed on staggered timelines aligned to City and market readiness. Each site moves through the phases below in sequence - roughly eight months from prioritization to executed DA, staggered by two months so effort spreads evenly. Site A: term sheet Month 4, DA drafting Months 5-6,DA executed Month 8. Site B: DA executed Month10. Site C: close-out through Month 12. Timing flexes with City and market readiness. a. Site Prioritization: Confirm catalyst site sequence. Review parcel data, entitlements, utility capacity, and environmental conditions. b. Programming & Underwriting: Preliminary site programming, conceptual massing, use mix, unit/ SF counts. Financial underwriting to test feasibility. c. Term Sheet Negotiation: Draft and negotiate term sheets covering land disposition, timeline, performance benchmarks, and deal structure. d. Development Agreement: City Attorney drafts from approved term sheet; G3 counsel reviews. G3 leads negotiation and post-execution entitlement coordination. 5. Downtown Master Plan Coordination (GAI). G3 serves as developer-perspective advisor to the City and GAI throughout the master plan update - providing QC on land use, density, form-based code, parking ratios, and incentive alignment, and ensuring the catalyst sites integrate cleanly into the updated plan. The cadence is a standing monthly working session plus written commentary on each formal draft iteration. a. G3 delivers: i. One standing working session per month with GAI and City staff ii. Written memo comments on each formal draft iteration issued by GAI iii. Developer-perspective QC on land use, density, form-based code, parking iv. Alignment between the master plan and the incentive program framework v. Catalyst site integration into the updated plan b. Handled by the City: i. Additional meetings beyond the standing monthly working session ii. Public workshops and stakeholder engagement sessions iii. Authorship of written sections of the master plan iv. Graphic production, technical analysis, and modeling v. Expansion of master plan scope or duration 6. Engagement Schedule. Months l-3 are front-loaded on WS 01- standing up the toolkit, decision framework, and communication rhythm so every subsequent site moves through the same gate. Months 4-10 are the heart of WS 02:Sites A, 8, and Center the pipeline on staggered two-month offsets and exit with executed development agreements between Months 8 and 11. WS 03 is a light, steady presence throughout- roughly a half-day per week- so partnership evaluation happens continuously rather than as an end-of-term scramble. The final month tapers into close-out, knowledge transfer, and a Year 2 playbook. 7. Compensation. G3 proposes a flat-fee monthly retainer of $15,500 per month for a term of six (6) months, totaling $93,000, with one extension of up to six (6) months at the same flat rate. The retainer covers all three workstreams as scoped in the preceding pages. Compensation Structure Component Structure Amount Base Retainer Flat fee, monthly $15,500 / month Total Phase 2 Retainer Six 6-month Engagements $93,000 Expanded-scope principal rate Hourly, against written amendment $400 / hour Expanded-scope non- principal rate Hourly, against written amendment $200 / hour Reimbursables Pass-through at cost As incurred Development Agreement Economics Separate 8. Expanded Scope. Work beyond this memo - additional catalyst projects, expanded master plan involvement, litigation support - is billed hourly against a written amendment executed in advance. No expanded-scope hours are incurred without prior City authorization. 9. Reimbursables. Third-party costs on the City's behalf - travel outside Central Florida, approved consultants, filing fees - are reimbursed at cost on documentation. Routine travel within the region and all G3 overhead are included in the retainer. 10. Development Agreement Economics. The retainer compensates G3 for time and advisory effort. Developer fees, equity participation, and land disposition terms are negotiated per project at DA execution and documented in the development agreement. 11. Terms & Execution. a. Term. Six (6) months from the effective date of the Phase 2 Addendum. b. Extension. Up to six (6) Months by mutual written agreement at the then-current rate: rates renegotiable upon material change in scope. c. Drafting. The Phase 2 Addendum to the existing Master Developer Agreement will be drafted by the City Attorney with review by G3 counsel. d. Effective Date. Upon execution of the Phase 2 Addendum by both parties. e. Governing Agreement. This memorandum supplements and does not supersede the existing Master Developer Agreement. All unmodified terms remain in effect. Executive Summary The City of Ocoee is at a pivotal moment in its evolution. As one of Central Florida’s fastest- growing communities, Ocoee is actively investing in its Downtown to ensure that it reflects the vibrancy, character, and economic vitality of the broader community. This Vision & Implementation Strategy represents the next step in that journey. At the request of the City, G3 Development — serving as the City's Master Developer Consultant — has prepared this strategic framework to guide the redevelopment of Downtown Ocoee. This report integrates the aspirations of the City Commission, staff, and residents with current market realities, offering a phased, actionable roadmap to bring the community’s vision to life. Grounded in the City’s adopted plans — including the Downtown Master Plan (2016), Plant Street Character Area Design Plan (2017), Silver Star Road Complete Streets Strategy (2019), and the forward-looking Envision 2045 Comprehensive Plan — this document assesses the City’s current assets and opportunities, outlines development scenarios for key sites, and provides tactical recommendations for implementation. Throughout this process, we’ve remained focused on a central question: What does it take — practically, financially, and strategically — to make the City’s vision a reality? To answer that question, the report addresses four core components: 1. A synthesis of the City’s adopted redevelopment plans and policy documents 2. An evaluation of City-owned properties, potential acquisitions, and key redevelopment parcels 3. An assessment of land use, zoning, tenant types, and development strategies suited to the Downtown’s future 4. A series of market-based financial case studies and strategic recommendations to guide phasing and investment What emerges is a realistic and inspiring framework that balances ambition with practicality. With thoughtful public-private partnerships, incremental phasing, and intentional investment, Downtown Ocoee can evolve into a dynamic, mixed-use destination that reflects the heart and soul of the City — while remaining economically sustainable over time. This document is not a static plan. It is a living strategy — one that provides a shared foundation for decision-making, investment, and community building in the years to come. 1. Introduction Downtown Ocoee is more than a geographic location — it is the heart of civic identity, economic potential, and community memory. As the City continues to grow and diversify, its Downtown must evolve to meet the needs of a changing population while preserving the values that make Ocoee unique. This report — the Downtown Ocoee Vision & Implementation Strategy — represents a strategic blueprint for how the City can move from vision to action. In 2023, the City of Ocoee initiated a Request for Letters of Interest (RLI #24-003) to identify a qualified partner to guide the revitalization of its Downtown core. G3 Development was selected through that process and subsequently entered into a Master Developer Consulting Services Agreement with the City. Under this agreement, G3 serves as a strategic advisor, providing market insight, development analysis, and implementation planning for City-owned and privately held parcels in Downtown Ocoee. This document is the culmination of that first phase of work. It is structured to address four key deliverables outlined in the Master Developer Agreement: 1. A comprehensive review of the City's existing planning documents and adopted visions 2. An evaluation of existing City-owned property and potential acquisition or redevelopment opportunities 3. An assessment of land use, zoning, development potential, and tenant strategies 4. Strategic and tactical recommendations to guide the City’s path forward 1.1 A Community Vision Rooted in Market Reality The foundation of this report lies in the City’s ambitious vision for a connected, mixed-use Downtown — a walkable district activated by civic institutions, local businesses, housing options, and lakefront gathering spaces. That vision is documented in several formal planning efforts, including: • The Downtown Ocoee Master Plan (2016) • The Plant Street Character Area Design Plan (2017) • The Silver Star Road Complete Streets Strategy (2019) • The forward-looking Envision 2045 Comprehensive Plan This report acknowledges the goals within those plans while layering in today’s economic realities — including rising construction costs, shifting market demand, rent thresholds, and the financial structures needed to make redevelopment feasible. 1.2 Our Approach G3’s strategy development included: • A full review of City-adopted plans, policies, and land use codes • Mapping and evaluation of City-owned and strategic private parcels • Initial market testing of development prototypes for key sites • Cost-based financial modeling to understand feasibility • Engagement with City staff and alignment with Commission priorities • Integration of previous work such as parking studies and zoning analyses This process allowed us to distill a complex set of inputs — vision, physical assets, policies, and economics — into a roadmap that the City can begin executing today. 1.3 A Flexible, Phased Path Forward Downtown revitalization is never instantaneous. It requires deliberate phasing, catalytic moves, and consistent leadership. This report is built with that in mind. It includes short-, mid-, and long-term action items, and offers market-tested examples to guide site-by-site decision-making. It also introduces financial gap analyses and incentive tools that can help close the delta between vision and viability. The following pages outline how Ocoee can create a vibrant Downtown that reflects its history, embraces its future, and delivers measurable benefits to its residents, businesses, and stakeholders for generations to come. 2. Understanding the City’s Redevelopment Vision Downtown Ocoee has been the subject of thoughtful planning for nearly a decade, with the City investing in a series of frameworks to guide its revitalization. These planning efforts collectively envision a Downtown that is active, walkable, connected to its lakefront, and supported by a vibrant mix of public spaces, commercial vitality, and residential diversity. This section synthesizes the City’s adopted planning documents into a cohesive narrative. Rather than treating each plan as a standalone effort, our goal is to extract the guiding principles and recurring strategies that can shape a realistic, phased implementation strategy — one rooted in market feasibility and community identity. 2.1 Downtown Ocoee Master Plan (2016) The 2016 Master Plan marked a pivotal moment in the City’s commitment to Downtown revitalization. Developed with significant community engagement, the plan calls for a reimagined street grid, increased civic presence, enhanced walkability, and the development of catalytic mixed-use nodes. Key takeaways from this plan include: • The repositioning of Downtown as a civic and cultural anchor • A shift from automobile-centric infrastructure to pedestrian-scale design • The introduction of new public plazas, green spaces, and event areas • Support for adaptive reuse, infill development, and active ground floors The plan places a strong emphasis on creating a Downtown that is "people-first," with the public realm acting as the glue between uses. It also calls for coordinated public-private investment and targeted infrastructure upgrades to unlock private sector momentum. 2.2 Plant Street Character Area Design Plan (2017) The Plant Street Character Area Plan zooms in on one of Downtown’s most visible and developable corridors. It reinforces many of the Master Plan’s themes while introducing greater design specificity — including architectural guidelines, use mixes, and subdistrict typologies. Notable strategies include: • Defined character zones with tailored architectural and landscape treatments • Encouragement of vertically integrated buildings (retail below, residential/office above) • Prioritization of pedestrian comfort and street-facing activity • A form-based approach to zoning that supports placemaking and identity This plan lays the foundation for a cohesive and aesthetically consistent Downtown identity, and its recommendations are especially relevant as the City considers public investments and new development along key corridors. 2.3 Silver Star Road Complete Streets Strategy (2019) Silver Star Road functions as both a gateway and a spine for Downtown Ocoee. The Complete Streets Strategy reimagines it as a multimodal corridor that safely accommodates all users — drivers, cyclists, pedestrians, and transit riders. Core principles of the plan include: • Roadway narrowing and lane reconfiguration to slow traffic • New sidewalks, protected bike lanes, and enhanced crossings • Context-sensitive streetscape treatments to unify the corridor • Support for new development fronting the corridor with improved access and visibility This plan also provides a framework for future capital investment along Silver Star Road and should be used to guide both public improvements and adjacent development form, especially as larger parcels come online. 2.4 Envision 2045 Comprehensive Plan Adopted more recently, the Envision 2045 Plan is the City's long-range policy document — a comprehensive look at how Ocoee will grow and evolve through the next two decades. While citywide in scope, the plan contains several directives that directly reinforce Downtown revitalization. For Downtown, the plan: • Reaffirms the goal of a mixed-use, pedestrian-oriented district • Encourages a range of housing types and densities to support economic diversity • Updates the Future Land Use Map and zoning districts to accommodate new investment • Aligns transportation, economic development, and sustainability policies to support Downtown as a regional destination Envision 2045 also introduces a more deliberate focus on implementation. It includes benchmarks, funding mechanisms, and capital investment prioritization — all of which support the recommendations contained in this report. 2.5 The Unified Vision: Key Themes Across Plans Across all four documents, several themes consistently emerge: • Downtown as a Civic and Cultural Core: Each plan sees Downtown as the symbolic and functional heart of Ocoee. • Walkability and Connectivity: There is near-universal emphasis on human-scale design and creating safe, attractive, multimodal connections. • Mixed-Use Development: A strong desire exists to blend residential, retail, office, and civic uses — vertically and horizontally. • Public Space Activation: Parks, plazas, and event venues are envisioned as key anchors of Downtown vitality. • Economic Development through Design: Design excellence is positioned not as an aesthetic goal, but as a driver of property value, investment interest, and community pride. This collective vision is bold — and achievable. But as the following sections show, realizing it will require not just policy alignment, but strategic action, public-private coordination, and a deep understanding of economic feasibility. 3. Real Estate Analysis: Current Holdings & Opportunity Sites The physical fabric of Downtown Ocoee includes a mix of City-owned land, privately held parcels, aging commercial sites, and several underutilized properties — each with varying levels of redevelopment potential. Realizing the City’s vision for a more vibrant, connected Downtown will require a clear understanding of current land holdings, strategic acquisition targets, and potential partnerships that can unlock catalytic change. This section provides an analysis of: • City-owned parcels and their development potential • Key private properties that may warrant acquisition, demolition, or partnership • General market valuations and timing considerations • Parking assets and strategies for incrementally meeting future demand 3.1 Inventory of City-Owned Parcels The City of Ocoee controls several key properties within Downtown that will play an essential role in shaping future development. These sites offer opportunities for: • Public-private partnerships with vertical development potential • Civic, cultural, or open space investments • Infrastructure staging or parking consolidation Key Parcels Include: • Starke Lake Recording Studio: This underutilized lakefront parcel, currently occupied by a former recording studio, is envisioned as a vibrant, mixed-use destination featuring waterfront dining, public gathering space, and walkable access to the civic and commercial core. Its redevelopment will anchor the lakefront and serve as a key connector between Downtown and Starke Lake. • Lakefront Park: Lakefront Park is planned to be revitalized into a flexible, multi-use green space capable of hosting large community events while offering shaded, intimate areas for everyday enjoyment. The improvements will include trail connections, seating, and landscaping enhancements aligned with the Master Plans call for a dynamic and accessible waterfront experience. One of the most direct and meaningful opportunities to realize the 2016 Downtown Ocoee Master Plan is the redevelopment of the recording studio site on Starke Lake. The plan clearly articulates a vision for a family-oriented, Old Florida-style Downtown experience, anchored by varied dining options, especially those located near the water. The recording studio site is uniquely positioned to deliver on that vision. Its proximity to the lakefront makes it ideal for waterfront dining, walkable access from the civic center, and integration into the larger pedestrian network. By redeveloping this parcel into a vibrant, publicly accessible mixed-use node — potentially including restaurants, patios, and public space with direct lake views — we not only bring people closer to the water, but we also create an experience that balances authenticity, charm, and economic vitality, just as the Master Plan envisions. Additionally, our strategy to activate the adjacent Lakefront Park further amplifies this impact. The Master Plan identifies the park as one of the Downtown’s “Big Moves” — a flexible space designed to host large-scale community events while still providing a series of intimate, human- scaled spaces throughout the year. Our proposed enhancements to the park — including programming nodes, shaded seating, open lawn zones, and improved trail connectivity — directly reflect this dual-purpose intent. Moreover, the plan’s recommendation to relocate the boat ramp to reduce vehicle conflicts and open up the waterfront for passive recreation is addressed through our integrated design solution. Together, the activation of the recording studio site and Lakefront Park not only fulfills multiple Master Plan priorities — from connectivity and placemaking to economic development and lifestyle — but positions this area as the heart of a reimagined, cohesive Downtown. 3.2 Strategic Acquisition & Redevelopment Targets Several privately-owned properties in Downtown are underutilized, in disrepair, or no longer aligned with the City's future land use goals. Selective acquisition or redevelopment partnerships will be essential to: • Consolidate fragmented ownership to enable cohesive block-by-block planning that supports the Downtown Master Plan’s call for walkable, mixed-use development and a unified public realm • Enable phased redevelopment that aligns with infrastructure investments, streetscape improvements, and trail extensions outlined in the City’s adopted planning documents • Eliminate blight and unlock corridor cohesion by replacing incompatible or deteriorating structures with pedestrian-friendly, activated uses that reinforce Downtown’s civic, commercial, and cultural identity High-Priority Targets May Include: • Strip retail centers or standalone buildings with excessive surface parking • Vacant or underperforming lots on Bluford Ave, Oakland Ave, and McKey Street • Aging multi-tenant or vacant commercial with poor pedestrian interface or code issues • Parcels adjacent to City-owned land for assemblage and expanded development footprints Parcels should be evaluated using a consistent set of criteria, including location within the Downtown core, existing entitlements, redevelopment feasibility, adjacency to catalytic sites, and potential for adaptive reuse or demolition. Rather than targeting specific properties at this stage, we recommend the City proactively maintain dialogue with a broad range of property owners to explore opportunities for acquisition, land swaps, joint ventures, or voluntary redevelopment agreements that align with Downtown revitalization goals. 3.3 Market Valuation and Acquisition Timing Preliminary market insight suggests that older commercial buildings in the Downtown core typically fall within a valuation range of $60 to $100 per square foot, depending on condition, tenancy, and redevelopment potential. Raw or underutilized land, however, must be evaluated on a per-parcel basis, as pricing can vary significantly based on location, frontage, entitlement status, and assemblage potential. For that reason, no general price per square foot is assumed for land in this report, and formal appraisal or broker opinion of value is recommended prior to any acquisition. Recommendations: • Conduct parcel-specific valuation analysis to inform decision-making around strategic acquisitions, redevelopment negotiations, or potential partnerships. • Maintain active dialogue with property owners to stay ahead of market shifts and build relationships that may lead to voluntary transactions or phased redevelopment opportunities. Some transactions will need to happen immediately, while some will be future acquisitions. • Evaluate opportunities for early site control — including options, rights of first refusal, or land banking — on key parcels that are adjacent to civic assets, visible corridors, or infrastructure investments planned in early implementation phases. We want to ensure we are being financially prudent and are considering all options and opportunities. • Coordinate acquisition timing with Master Plan implementation phasing to ensure land control supports catalytic projects, infrastructure rollouts, and key public realm investments at the right time in the revitalization process. 3.4 Parking Strategy and Public Infrastructure Considerations The success of Downtown Ocoee’s revitalization is highly dependent on a strategic and coordinated approach to parking and public infrastructure. As the area transitions to a more walkable, mixed-use district, parking must be planned not just in terms of quantity, but in terms of location, visibility, phasing, and flexibility. A thoughtful parking strategy will help unlock development sites, preserve the pedestrian environment, support civic activity, and ensure long- term economic viability. The City’s 2016 Downtown Master Plan lays the ground work conceptually and highlights the importance of structured parking, recommending it as a key “Big Move” to support increased density without compromising the walkable, family-oriented character of the district. Similarly, the 2019 Silver Star Road Complete Streets Strategy reinforced the need to manage vehicular access while enhancing safety and accessibility for pedestrians and cyclists. Both documents call for parking solutions that are incremental, shared, and context-sensitive. Key Considerations for Parking Strategy Implementation: • Consolidate and Relocate Surface Parking Existing surface parking lots — particularly those fronting civic buildings or commercial nodes — interrupt the continuity of the urban fabric. As redevelopment progresses, parking should be moved behind buildings, internal to blocks, or into shared facilities, especially near civic destinations, event spaces, commercial areas, and major intersections. • Plan for Future Structured Parking While surface parking can serve short-term needs, we must anticipate the eventual need for structured parking facilities as density and development increases. The garage should be: o Strategically located at the periphery of walkable districts o Designed with ground-floor activation or liner buildings o Developed through public-private partnerships, especially where tied to civic or mixed-use anchors • Utilize Shared Parking and Joint Use Agreements Civic institutions, churches, and existing businesses often have surplus parking during off-peak hours. A coordinated shared parking program could help manage demand efficiently while reducing the need for new capacity. Agreements should be pursued in tandem with redevelopment efforts to prevent overbuilding. • Prioritize Pedestrian Access and Visibility All parking areas — whether surface or structured — must be designed with pedestrian access in mind. Entrances, exits, and walkways should seamlessly connect to Downtown sidewalks, trails, and public spaces. Screening, landscaping, and signage should reinforce a consistent, high-quality urban character. One of our proposed catalyst projects — centered around the redevelopment of City-owned parcels fronting Bluford Avenue and near Oakland Avenue and McKey Street — directly addresses the need for a centralized Downtown parking solution. As part of this effort, we propose the construction of a structured parking garage in a single phase, rather than through incremental expansion, to minimize disruption and provide immediate support for civic, commercial, and event-based activity. This approach reflects the Master Plan’s emphasis on walkability and urban cohesion, ensuring that the garage is integrated into the fabric of Downtown from the outset. Strategically located near key civic assets and future mixed-use development, the garage will help relieve pressure on surface parking, support increased density, and reinforce Downtown Ocoee’s role as a vibrant community hub. Parking should not be treated as a standalone component, but as an integrated layer of Downtown’s land use and mobility strategy. The ability to phase parking intelligently, support shared use, and deliver structured facilities when appropriate will directly impact the feasibility, pace, and design quality of Downtown redevelopment. Done well, the City can meet demand while preserving the pedestrian-first, family-friendly character that defines Ocoee’s long-term vision. 3.5 Summary and Action Plan To unlock the full potential of Downtown Ocoee, the City must take bold and coordinated steps that align real estate strategy with community vision, economic opportunity, and infrastructure investment. With foundational zoning in place, public land assets available, and renewed momentum across the district, the conditions are right to move from planning to action. Key priorities include: • Leverage existing City-owned land holdings to launch catalytic, mixed-use projects that model the form, scale, and walkability envisioned in the Downtown Master Plan • Acquire key parcels through willing-seller agreements or strategic development partnerships to enable block-scale redevelopment, reduce blight, and build continuity across Downtown’s core • Guide private redevelopment through incentives, public realm coordination, and infrastructure alignment, ensuring new projects contribute to a cohesive and connected urban experience • Address parking and access early in the process with the delivery of a structured parking garage, integrated trail and sidewalk networks, and wayfinding strategies that support future density and downtown events • Prioritize activation of the lakefront and civic core as an early-phase move that generates public value, reinforces Downtown’s identity, and delivers on long-standing community aspirations Together, these actions will lay the physical and strategic groundwork for Downtown Ocoee’s transformation. They should be pursued in concert with tenant recruitment, development marketing, infrastructure phasing, and ongoing engagement with residents, partners, and private developers to ensure the City’s vision is realized in both form and function. 4. Use Potential, Development Framework, and Tenant Strategy Downtown Ocoee’s future depends not only on how it looks and moves — but on what it holds. This section outlines a realistic, market-aligned vision for land use, intensity, tenant mix, and physical form. It integrates goals from the City’s adopted plans with today’s development and leasing environment, offering a strategic framework for how Downtown should grow — block by block, use by use. 4.1 Land Use Potential by Character Area The Master Plan identifies several Character Areas within the Downtown study area, each reflecting a distinct role in shaping Ocoee’s future. Among these, the Downtown Core (DTC) and the Downtown Neighborhood (DTN) are the most essential to establishing a walkable, vibrant, and cohesive Downtown environment. These two areas represent the heart of civic and commercial life as well as the surrounding residential fabric that supports it. This section outlines the most strategic land use and development opportunities within these two foundational districts, which together will set the tone for the City’s broader revitalization efforts. 1. Downtown Core (DTC) Historic heart of Ocoee including Starke Lake, City Hall, Bluford, Oakland and McKey Street, and the adjacent commercial blocks The Downtown Core is the symbolic and functional center of Ocoee — the place where civic, cultural, commercial, and recreational life intersect. This area includes the lakefront, the City’s civic campus, historic street grid, and a series of legacy buildings and public spaces that define the City's identity. As such, it should become a high-activity, experience-driven destination that invites residents and visitors to stay, shop, dine, and gather. The Master Plan emphasizes preserving the historic block structure and enhancing the pedestrian experience with an authentic, small-town “Old Florida” character. The DTC is also where public investment can lead private momentum. City-controlled parcels near Bluford Avenue, Oakland Avenue, and McKey Street provide immediate opportunities for mixed-use development, including a structured parking facility that can relieve pressure and support density throughout the core. The lakefront, meanwhile, offers a once-in-a-generation opportunity to link recreation, hospitality, and event infrastructure in a way that’s unique to Ocoee. Recommended Use Potential: • Ground-floor activation through restaurants, coffee shops, small-format retail, and civic or nonprofit uses • Upper-floor office or residential in mixed-use buildings that preserve human scale while introducing density • Public event space including patios, plazas, green lawns, and shaded seating — ideal for both large-scale festivals and small, everyday use • Structured parking integrated with commercial development to support walkability, events, and civic functions • Lakefront-facing development that includes dining, pedestrian trails, and public access to the water • Boutique hospitality or B&B concepts, especially along the lake, to create an overnight draw that reinforces Downtown’s identity The Downtown Core should reflect Ocoee’s aspirations not only through architecture and tenant mix, but through intention in public space design, cultural programming, and infrastructure coordination. It is the anchor of the broader Downtown strategy and should remain the first area to see meaningful, visible transformation. 2. Downtown Neighborhood (DTN) Low-density residential areas surrounding the Core, particularly west of Bluford Avenue The Downtown Neighborhood district plays a critical role in supporting the long-term health and vibrancy of Downtown Ocoee. These blocks — composed of traditional neighborhoods with established street grids, mature trees, and proximity to civic and commercial anchors — should remain primarily residential in character, while allowing for context-sensitive infill and incremental growth that reinforces walkability, affordability, and local-serving uses. The Master Plan calls for maintaining the historic block structure and low-density fabric, while still allowing for flexibility in building types and use — particularly along corridors like Bluford Avenue. These neighborhoods are ideal for introducing “missing middle” housing that supports Downtown businesses and creates housing options for young professionals, seniors, and small families — all within walking distance of civic, retail, and recreational assets. Recommended Use Potential: • Single-family homes, duplexes, and small-scale townhomes with architectural compatibility and alley-loaded garages • Live/work cottages and professional home-office conversions that allow quiet commercial uses in residential form • Accessory dwelling units (ADUs) to add gentle density and support multigenerational living • Preservation of tree canopy and architectural rhythm to maintain neighborhood character • Traffic calming, pedestrian enhancements, and alley improvements to support connectivity and safety The DTN area represents an opportunity to stabilize housing, increase residential diversity, and grow Downtown’s customer base — all without compromising the small-town, residential charm that defines Ocoee’s identity. 4.2 Development Framework and Form-Based Intent Downtown Ocoee has laid a strong foundation for quality, character-driven redevelopment. With a well-established overlay zoning district, clear design standards, and meaningful public investments — including the Downtown Master Stormwater Project and the Oakland Avenue streetscape — the City has already taken the first critical steps toward transforming vision into reality. This section does not propose changes to the zoning framework. Rather, it affirms and reinforces what is already in place, offering a practical development review framework to ensure all future projects — public and private — uphold the physical form, scale, and public realm priorities set forth in the City’s Master Plan. At the core of this framework is the principle that how buildings relate to the street, people, and public space matters as much as what goes inside them. In a downtown environment, walkability, architectural rhythm, and thoughtful massing must guide every development decision. Key Development Principles and Tools for Implementation • Form-Based Priorities: Emphasize building placement, scale, and pedestrian orientation over use-based regulations. In the core, that means urban setbacks, active ground floors, and eventually, multi-story buildings. In neighborhoods, it means house-form architecture, porches, and alley access. • Preserve and Extend the Historic Block Structure: Walkable block sizes allow for phased development, retail clustering, and intuitive navigation — all key to a vibrant downtown. • Public Realm as a Shared Asset: Every project should contribute to the public realm — whether through sidewalks, trees, plazas, lighting, or seating — in a way that reinforces community identity and functionality. • Parking as Infrastructure, not a Land Use: A critical element of the development framework is the timely delivery of a structured parking facility, strategically located to support the Downtown Core. As it stands, Downtown relies heavily on surface parking — much of it occupying high-potential parcels along McKey Street and adjacent blocks. By delivering a single-phase, centralized parking garage, the City can: o Reclaim surface lots for commercial, civic, and green space development o Support higher-density projects without forcing developers to meet on-site parking minimums o Enable walkable, cohesive block patterns that prioritize people over cars o Serve multiple users, including civic functions, Downtown events, and private tenants o Catalyze private investment by eliminating key logistical and spatial hurdles Structured parking is not just a functional necessity — it is a foundational enabler of the City’s Downtown form and economic goals. • Maintain Neighborhood Integrity: In the Downtown Neighborhood (DTN) area, scale, rhythm, and form should remain residential. Infill should occur gently and incrementally, with design that respects the surrounding architecture, setbacks, and streetscape. Aligning Development with Momentum The City’s regulatory tools are sound. Now the focus must be on implementation and consistency — especially on publicly owned parcels and in high-visibility locations. As development interest increases, the City should: • Use the existing overlay and Character Area standards as a review checklist for all new projects • Reinforce expectations early through concept meetings • Pair private development with public infrastructure timing, ensuring utility upgrades, parking, and streetscape improvements are sequenced to support absorption and investment • Encourage projects that contribute to Downtown’s experience, not just its square footage Downtown Ocoee doesn’t need a new framework — it needs to keep executing on the strong one it already has. With consistent application and strategic investment, the form-based foundation laid out in the Master Plan will deliver a Downtown that is walkable, livable, and distinctly Ocoee. 4.3 Target Tenant Types and Uses A vibrant Downtown is built not just on architecture and infrastructure — but on the people, businesses, and institutions that fill the buildings. As Ocoee’s Downtown begins to take physical shape, it will be critical to curate a tenant mix that supports daily life, draws visitors, and reflects the City's identity. The goal is not to recreate a regional shopping center or lifestyle plaza — but to build a community-rooted, experience-driven district that blends civic, commercial, and recreational energy. To achieve that, Ocoee should target a balanced mix of anchor tenants, local operators, and everyday services that activate streets and create economic value. Destination & Experience Anchors These tenants bring people Downtown for a specific reason — whether to dine, gather, or explore. They're critical for creating “magnetism” and extending dwell time. Ideal Examples: • Chef-driven restaurants or waterfront dining concepts • Boutique breweries, wine bars, or dessert-focused spots (e.g., ice cream, gelato) • Local galleries, creative studios, or hands-on maker spaces • Cultural or educational institutions (e.g., museum outpost, performing arts, STEAM hubs) • Small-format hotel or inn with charm and walkable access to lakefront These uses work best in and around the Downtown Core and Lakefront District, particularly near public event spaces or structured parking. Everyday & Service-Oriented Tenants While destination tenants bring people in, everyday services keep Downtown relevant to residents. These businesses should offer convenience, frequency, and support for the daytime population. Ideal Examples: • Coffee shops, cafes, smoothie bars, and lunch spots • Fitness studios, yoga, wellness clinics, or boutique gyms • Small-format grocers or markets with fresh/local offerings • Pet services, dry cleaning, salons/barbers, bike repair • Medical and professional offices (upper floor or edge locations) These tenants are especially important in the Downtown Core and Downtown Neighborhood transition areas, where walk-in traffic from nearby homes and workers can sustain operations. Civic & Community-Oriented Uses Civic programming is a cornerstone of Downtown Ocoee’s identity. These uses provide cultural relevance, community access, and public value. Ideal Examples: • Downtown programming: community festivals and downtown events • Youth-focused programming (e.g., mentoring, arts, after-school) • Farmers markets, seasonal pop-ups, or mobile retail (e.g., food trucks) • Activated green spaces and pocket parks that support walkability, provide shade and rest areas, and create vibrant gathering spots integrated into the urban fabric These are natural fits near City Hall, the future structured parking garage, and lakefront public space — reinforcing Downtown as a place to gather, learn, and connect. Guiding Principles for Tenant Mix To maintain character, economic health, and flexibility, Downtown Ocoee should follow several leasing guidelines: • Prioritize local and regional operators over national chains to reinforce uniqueness and authenticity • Avoid over-concentration of any one type of tenant, especially service uses like salons or vape shops that do not generate street activity or diversity of experience • Curate storefronts based on block strategy, ensuring key corners and anchors are reserved for high-visibility uses that pull people through the district • Encourage upper-floor uses such as professional services, creative office, or residential over ground-floor retail • Use temporary and seasonal activations (like markets, art installations, or pop-up shops) to test concepts and energize underutilized spaces Downtown Ocoee’s leasing strategy should mirror its planning approach: intentional, walkable, flexible, and rooted in place. With the right tenants — and the right experience — Downtown can become a destination that is both economically vibrant and uniquely local. 4.5 Guiding Principles for Future Development As Downtown Ocoee grows, the physical form, tenant mix, and character of each new project will collectively define the district for decades to come. The Master Plan provides a solid foundation, and the City has put key tools in place — from zoning and design standards to early infrastructure investments. The next step is to ensure that each development decision, whether public or private, contributes meaningfully to a walkable, vibrant, and authentic Downtown. The following guiding principles should serve as a decision-making filter for evaluating future projects, partnerships, and investments. They are rooted in the City’s adopted plans and refined through current market realities: Lead with People, Not Parking Development should be oriented around the experience of pedestrians — not vehicles. Buildings should address the street, and parking should be integrated in a way that supports, not dominates, the public realm. Reinforce the Public Realm Each project should contribute to Downtown’s shared spaces — through sidewalks, seating, plazas, trees, lighting, or public art. Every block should add something of value to the community, not just its occupants. Focus on Form and Function Whether residential, commercial, or civic, buildings should respect the scale, massing, and materials outlined in the City’s Character Area standards. Architecture should serve both purpose and place. Encourage a Mix of Uses and Densities A successful Downtown blends living, working, dining, and gathering. Ground-floor activation and upper-floor density should be encouraged where appropriate, with residential neighborhoods offering gentle transitions and housing diversity. Protect and Enhance Neighborhood Edges Infill in the Downtown Neighborhood (DTN) must be incremental, context-sensitive, and compatible with adjacent residential character. These areas are essential to maintaining Ocoee’s small-town feel while supporting Downtown vitality. Prioritize Local Identity Projects should reflect Ocoee’s unique history, values, and environment. Tenanting, materials, landscape, and signage should avoid a “copy-paste” feel and instead create a Downtown that is proudly and unmistakably Ocoee. Leverage Public Investment to Guide Private Outcomes Strategic use of City-owned parcels, parking infrastructure, and streetscape investment can shape both development form and market activity. Public actions should set the tone for design quality and long-term sustainability. These principles are not rigid rules, but a shared value system. By applying them consistently across planning, review, and partnership efforts, the City can ensure that Downtown Ocoee continues to evolve with character, intention, and community at its core. Section 5: Market-Based Financial Scenarios Grounding the Vision in Economic Reality This section illustrates the financial feasibility of Downtown redevelopment, using case-based modeling to demonstrate what rents, costs, and subsidies may be required to make key development types viable in Ocoee’s current market. These examples help bridge the gap between the City's vision and private-sector decision-making. 5.1 Purpose of the Financial Scenarios The purpose of this section is to translate Downtown Ocoee’s planning vision into real-world financial terms. While the Master Plan outlines the desired physical form and public realm goals, implementation depends on whether those ideas are financially feasible under current market conditions. These financial scenarios serve several key purposes: • Ground the vision in economic reality. They illustrate what it would cost to develop key Downtown project types today — and what rents or sales prices would be required to make those projects viable. • Identify the gap between market conditions and development potential. Where projects don’t “pencil,” these examples highlight where public-sector tools may be needed to close the gap. • Inform public-private partnership (P3) strategies. These models show how land contributions, infrastructure investment, or shared risk can make development more feasible. • Guide site prioritization and phasing. By understanding which project types are closest to market viability, the City can focus early efforts on the most achievable wins. • Support transparent conversations with developers, staff, and community stakeholders. These numbers don’t dictate outcomes — they empower better decision- making. While these examples are illustrative and high-level, they are rooted in real construction pricing, land values, financing assumptions, and market rents drawn from recent Central Florida projects. They help bridge the gap between aspiration and action — and ensure that Downtown Ocoee’s future is not only beautiful, but buildable. 5.2 Scenario Structure and Methodology To assess the financial feasibility of Downtown redevelopment, we’ve prepared a set of illustrative development scenarios based on realistic project types, grounded in local market data and industry-standard underwriting practices. These models are not project proposals — they are decision-support tools meant to clarify the economic realities associated with implementing the Downtown vision. Each scenario follows a consistent structure: Development Types Modeled The scenarios focus on priority development types identified throughout this report: • Scenario A: Mixed-use infill on Oakland Avenue • Scenario B: Lakefront restaurant and public event space (recording studio site) • Scenario C: Structured parking facility near Bluford Avenue with limited ground-floor activation Each scenario reflects a plausible first-phase project that aligns with the City’s goals, occurs on publicly controlled or high-visibility sites, and responds to the current market context. Core Assumptions To ensure comparability across scenarios, the following baseline assumptions were applied: • Land Cost: Either based on estimated fair market value or assumed at no cost (in City- controlled examples) • Hard Costs: Based on regional construction averages, generally ranging from $250– $350/SF depending on use type and complexity • Soft Costs: 20% of hard costs (includes design, permitting, legal, insurance, and contingencies) • Financing Terms: 70–80% loan-to-cost (LTC), 6.0–7% interest rate, 20–25-year amortization • Developer Return Target: 11% Require Rate of Return on Equity, in line with market expectations for small-to-mid scale projects • Operating Metrics: Stabilized occupancy at 92–95%, market-competitive triple net (NNN) lease structures for commercial space Evaluation Criteria Each scenario evaluates: • Total development cost per square foot (PSF) • Required lease rates or sale prices to meet return thresholds • Achievable market rates based on current Ocoee conditions • Feasibility gap (if any) between the required and achievable rents • Public tools or partnership mechanisms that could bridge that gap Data Sources The financial assumptions draw from: • Local broker data (Q4 2024 – Q2 2025) • Regional cost estimators and comparable projects in Central Florida • Feedback from our current projects with contractors and lenders familiar in similar downtown infill markets • City of Ocoee entitlement and infrastructure context 5.3 Scenario A: Mixed-Use Infill on Oakland Avenue Small-scale mixed-use development on a high-visibility Downtown corridor Oakland Avenue offers a prime opportunity to deliver a walkable, mixed-use infill project that reinforces the Downtown Core’s form and scale. This scenario assumes redevelopment of a publicly controlled parcel or joint-venture opportunity to construct a two-story building with ground-floor commercial and upper-floor residential — without on-site parking, relying instead on the proposed structured garage and enhanced walkability. This type of project reflects the City’s commitment to prioritizing people over parking, and sets a critical precedent for future development that supports density without sacrificing public realm quality. Program Assumptions • Lot Size: ±0.25–0.33 acres (approx. 10,000–14,000 SF) • Building Size: ±12,000 SF total o ±6,000 SF ground-floor commercial (retail, food & beverage, office) o ±6,000 SF upper-floor residential (6–8 units) • Parking: None provided on site; assumed served by adjacent public garage or shared district parking • Construction Type: Type II or III over slab; zero-lot-line development with rear service access Financial Assumptions • Land Cost: $0 (City-controlled or contributed via public-private agreement) • Hard Costs: $300/SF • Soft Costs: ±$15% of hard costs • Permit and Impact Fees: None • Total Development Cost: ±$4.1M • Financing: 75% LTC, 6.5% interest, 20-year amortization • Return Target: 11% Required Rate of Return on Equity Required Rents for Feasibility • Retail/Office Ground Floor: $50/SF + NNN • Residential Upper Floor: $2.33–2.50/SF ($2,100+/month for 900 SF units) Achievable Market Rents in Downtown Ocoee (2024) • Retail/Office: $18–22/SF + NNN • Residential: $1.80–$2.00/SF ($1,620–$1,800/month) Feasibility Gap Given the significant delta between required and achievable rents, the project is currently not feasible without public participation or incentives. • Estimated feasibility gap: $1.2M–$1.5M This gap is driven primarily by: • Construction costs remaining elevated • Rent thresholds far exceeding current achievable market rates • Lack of density to absorb high fixed costs (small-scale project, only two stories) Public Tools to Close the Gap To close the feasibility gap and catalyze early-phase mixed-use development, the City may consider the following tools, either individually or in combination: • City-controlled land contribution (Assumed) Reduces upfront capital requirements and improves project viability without direct subsidy. This is assumed in our model. • Permit, impact fee, and property tax deferment (up to 20 years) Provides immediate relief on early project cash flow, enhancing return potential while the Downtown district stabilizes. • Tenant improvement (TI) assistance for targeted first-floor users Helps local, experience-driven operators offset interior buildout costs and justify higher lease rates. • CRA-backed development incentives or vertical project grants Targeted financial support tied to high-impact projects that deliver density, public realm improvements, or catalytic tenanting. • Predevelopment cost-sharing or fast-tracked approvals Reduces developer risk during the entitlement and design phase, enabling earlier investment and leasing activity. Strategic Value to the City This project would: • Deliver a walkable mixed-use prototype aligned with the City’s Master Plan and overlay district • Activate Oakland Avenue with new street-level retail and housing • Demonstrate the viability of development without on-site parking, supporting broader district walkability goals • Reinforce the value of the structured garage as a key public infrastructure investment 5.3 Scenario B: Lakefront Restaurant and Event Space (Recording Studio Site) Destination dining at the heart of Ocoee’s waterfront The former recording studio site along Starke Lake presents a rare opportunity to deliver a high- visibility, experience-focused project that directly fulfills the Master Plan’s vision for a vibrant, family-friendly, and walkable lakefront. This scenario models the redevelopment of that site into a full-service restaurant with outdoor seating, and integrated public realm improvements. This project type has broad community appeal and sets the tone for Downtown’s lifestyle offerings, but may face feasibility challenges due to its standalone scale, outdoor space requirements, and premium construction standards. Program Assumptions • Lot Size: ±0.4 acres • Building Size: ±6,000 SF restaurant + 2,000 SF outside seating • Seating Capacity: ~200–250 indoor/outdoor • Parking: None on site; served by nearby public parking and Downtown connectivity network Financial Assumptions • Land Cost: $0 (City-owned; contributed or ground leased) • Hard Costs: $400/SF (high-finish restaurant + rooftop/public realm construction) • Soft Costs: ±15% of hard costs • Total Development Cost: ±$3.7M • Financing: 75% LTC, 6.5% interest, 20-year amortization • Target Return: 11% Required Rate of Return on Equity Required Rents or Revenue for Feasibility • Net Revenue Requirement: ±$400K–$500k annually • Estimated lease rate equivalent: ~$50–$55/SF Achievable Market Rents in Downtown Ocoee -Waterfront (2024) • Retail: $20–23/SF + NNN Feasibility Gap Given the significant delta between required and achievable rents, the project is currently not feasible without public participation or incentives. • Estimated feasibility gap: $1.5M–$2M Public Tools to Close the Gap To close the feasibility gap and catalyze early-phase mixed-use development, the City may consider the following tools, either individually or in combination: • City-controlled land contribution (Assumed) Reduces upfront capital requirements and improves project viability without direct subsidy. This is assumed in our model. • Permit, impact fee, and property tax deferment (up to 20 years) Provides immediate relief on early project cash flow, enhancing return potential while the Downtown district stabilizes. • Tenant improvement (TI) assistance for targeted first-floor users Helps local, experience-driven operators offset interior buildout costs and justify higher lease rates. • CRA-backed development incentives or vertical project grants Targeted financial support tied to high-impact projects that deliver density, public realm improvements, or catalytic tenanting. • Predevelopment cost-sharing or fast-tracked approvals Reduces developer risk during the entitlement and design phase, enabling earlier investment and leasing activity. Strategic Value to the City Despite the financial gap, this project delivers immense civic and placemaking value, including: • Fulfilling the Master Plan’s “Big Move” of activating the lakefront with dining and family-friendly recreation • Creating a destination experience that anchors Downtown’s identity • Supporting community events, walkability, and tourism • Setting a design and branding precedent for the surrounding district If supported by public infrastructure and a creative partnership structure, this project could become the emotional centerpiece of Downtown Ocoee — drawing both residents and visitors to the lake. 5.3 Scenario C: Value-Add Mixed-Use Redevelopment on McKey Street Repositioning an underutilized building into a contributing Downtown anchor McKey Street sits at the center of Downtown Ocoee’s civic and commercial core, surrounded by walkable infrastructure, proximity to City Hall, and emerging public investment. This scenario assumes the acquisition and rehabilitation of an existing single-story commercial structure — transforming it into a revitalized, mixed-use asset that contributes to street activation and near- term tax base growth. Rather than new construction, this “value-add” scenario reflects a more typical private-sector investment model, focused on modest improvements and stabilization through re-tenanting, interior upgrades, and public-facing enhancements. Program Assumptions • Building Size: ±3,600 SF • Lot Size: ±0.25 acres (±10,000 SF total) • Use Type: Ground-floor commercial (retail, wellness, office, or food & beverage) • Parking: None on site; served by nearby public lots, on-street parking, and future garage • Scope of Work: Façade upgrades, interior improvements, signage, and MEP repairs Financial Assumptions • Acquisition Price: $432,000 ($120/SF) • Renovation Budget: $100/SF (±$360,000 total) • Soft Costs: ±25% of total budget (±$60,000) • Total Project Cost: ±$1.1M • Financing: 75% LTC, 6.5% interest, 20-year amortization • Target Return: 11% Required Rate of Return on Equity Required Rents for Feasibility • Commercial Lease Rate: $32–34/SF + NNN Achievable Market Rents (2024) • Retail / Commercial: $18–22/SF + NNN Feasibility Gap At current market rents, this project may struggle to generate target investor returns without some assistance — particularly in offsetting soft costs or funding tenant buildouts. • Estimated gap to feasibility: ±$250K–$350K Public Tools to Close the Gap To close the feasibility gap and catalyze early-phase mixed-use development, the City may consider the following tools, either individually or in combination: • Permit, impact fee, and property tax deferment (up to 20 years) Provides immediate relief on early project cash flow, enhancing return potential while the Downtown district stabilizes. • Tenant improvement (TI) assistance for targeted first-floor users Helps local, experience-driven operators offset interior buildout costs and justify higher lease rates. • CRA-backed development incentives or vertical project grants Targeted financial support tied to high-impact projects that deliver density, public realm improvements, or catalytic tenanting. • Predevelopment cost-sharing or fast-tracked approvals Reduces developer risk during the entitlement and design phase, enabling earlier investment and leasing activity. • Façade improvement grant Enhances visibility and curb appeal, as well as lowers renovation capital needed by developer, ultimately lowering the rent for the tenant. Strategic Value to the City Though small in scale, this project type has outsized impact by: • Creating an early, visible success story • Supporting incremental revitalization along a core Downtown street • Demonstrating that Downtown investment is possible at multiple scales Value-add commercial properties like this will likely be the first wave of private reinvestment Downtown — and should be supported as key building blocks for broader revitalization. 5.4 Key Takeaways and Strategic Uses The financial scenarios presented in this section reveal a critical reality: Downtown Ocoee’s planning vision is achievable — but not automatic. While the City has created a strong regulatory and physical foundation, most near-term projects will require strategic public participation or flexible partnerships to bridge feasibility gaps and build momentum. The key takeaways include: • Early-phase development faces financial headwinds. Rising construction costs, modest achievable rents, and the small scale of infill sites make it difficult for most private projects to meet investor return thresholds without assistance. • Public tools matter — but must be tailored. No single incentive fits every project. Land contributions, fee deferments, TI support, and civic partnerships should be applied selectively to unlock specific outcomes. • Walkability and district-wide infrastructure are essential enablers. Structured parking, trail connectivity, and public realm investment directly affect financial feasibility — especially for projects without on-site parking. • Value-add and adaptive reuse are realistic first steps. Smaller-scale renovations and tenant repositioning offer the best chance for early private-sector wins. These projects demonstrate momentum and activate key blocks while larger developments mature. • The City’s role is catalytic, not controlling. By investing in infrastructure, marketing, and strategic partnerships — and by reinforcing its vision consistently — the City can attract mission-aligned developers and operators. Ultimately, these scenarios are not about perfect projections. They are about clarity — helping the City and its partners understand what it will take to bring Downtown Ocoee’s vision to life, one project at a time. Section 6: Implementation Roadmap & Tactical Recommendations This section outlines how to translate vision into action — through short-term priorities, strategic phasing, and public-private coordination. It builds on the preceding analysis and financial models to provide a clear and tactical path forward for the City, its partners, and Downtown stakeholders. 6.1 Short-Term (0–5 Years) – Early Wins & Foundation Building The first five years of implementation are critical for building credibility, setting the tone, and proving that Downtown Ocoee’s revitalization is not only possible — but already in motion. This phase focuses on low-risk, high-visibility projects that reinforce the City's existing investments and attract developer and tenant interest. The short-term strategy should be focused on five key areas: site activation, public infrastructure, financial tools, branding, and engagement. Activate High-Impact Publicly Controlled Sites • Work with your development partners on catalyst and priority sites such as the lakefront (recording studio), Oakland Avenue parcels, or vacant buildings on McKey Street • Include clear predevelopment guidance, defined incentive packages, and design expectations based on the Character Area framework • Prioritize projects that deliver walkable form, high-quality tenants, and community- facing design Deliver Structured Parking and District Access Strategy • Advance the design, funding, and construction of the Downtown structured garage, ensuring it's in place before vertical density begins • Evaluate a Downtown paid parking program in conjunction with garage development, balancing revenue generation with accessibility, enforcement, and support for early businesses • Use the garage to unlock adjacent parcels for private development or pocket parks and reduce pressure on public streets while increasing walkability Launch Targeted Incentive Tools • Finalize and launch the following programs: o Façade improvement grants and other development acceleration grants o Tenant improvement (TI) support for local operators o Property tax and fee deferments (up to 20 years) for catalytic projects • Use these tools selectively to close financial feasibility gaps identified in Section 5 Expand Public Realm and Streetscape Enhancements • Build on the success of the Oakland Avenue streetscape by extending improvements to key Downtown corridors (Oakland, Bluford, and Lakefront access points) • Prioritize tree canopy, lighting, benches, signage, and pedestrian crossings • Integrate art, branding, and “quick wins” to show momentum in the physical environment • Advance the planned extension of the West Orange Trail into Downtown, connecting the lakefront to the broader trail system and reinforcing Downtown Ocoee as a regional destination for active recreation • Per the Master Plan, create clear gateway treatments and identity signage at Downtown’s primary entrances to establish a sense of arrival and reinforce Ocoee’s historic and civic character Build Awareness and Engagement • Program the lakefront and civic sites with pop-up events, food truck nights, and outdoor activations to build public familiarity and excitement • Launch a Downtown marketing campaign featuring tenant recruitment materials, a project website or portal, and regular updates via social media or newsletters • Complete the three catalyst projects identified during the Master Developer Agreement process, including the structured parking facility, lakefront activation, and horizontal mixed-use infill Focus on Value-Add and Incremental Redevelopment • Pursue smaller-scale, value-add projects such as the renovation of underutilized buildings along Oakland, McKey, and Bluford • Support these efforts with TI assistance, façade grants, and marketing support to build early momentum • These low-barrier, fast-cycle investments can deliver visible wins, attract tenants, and build investor confidence while larger projects ramp up 6.2 Mid-Term (5–10 Years) – Vertical Development & District Cohesion The mid-term phase represents a shift from early activation to vertical development and district- wide cohesion. During this stage, the City and its Master Developer should focus on scaling up investments, filling in key gaps in the urban fabric, and reinforcing Downtown’s identity as a walkable, mixed-use destination. By years 5–10, public infrastructure (parking, stormwater, streetscapes) should be largely in place, allowing for more complex private development to proceed with greater predictability and less risk. Launch Vertical Mixed-Use Projects in the Core • Advance construction on infill sites such as Oakland Avenue, City-owned parcels near McKey/Bluford, and adjacent privately held properties • Target projects with 2–3 stories, active ground-floor uses, and residential or office space above • Structure deals with development partners that reflect both financial feasibility and design fidelity to the Master Plan Enhance and Leverage the Lakefront as a Community Anchor • Build on the early activation of the lakefront dining and public space by programming additional community events, seasonal pop-ups, and water-based recreation • Incorporate trail extensions, plaza enhancements, and civic programming to deepen year- round use and community value • Position the lakefront as a centerpiece of Ocoee’s brand identity, drawing both locals and regional visitors Advance Reinvestment in the Downtown Neighborhood (DTN) • Identify and support context-sensitive infill opportunities within the DTN district, such as townhomes, duplexes, and live/work units • Offer incentives for preservation and enhancement of existing homes that reflect Ocoee’s architectural identity • Encourage value-add reinvestment in small-scale buildings to support creative commercial uses and transition-friendly density • Maintain neighborhood character through continued application of the “House” building type standards Expand the Tenant Ecosystem • Focus leasing efforts on recruiting a broader tenant mix, including: o Hospitality (e.g., small hotel or short-stay lodging) o Health & wellness (e.g., boutique fitness, physical therapy, clinics) o Cultural or educational anchors (e.g., gallery, STEAM-focused youth programming) • Continue prioritizing local and regional operators that align with Ocoee’s desired identity 6.3 Long-Term (10+ Years) – Buildout & Legacy Projects The long-term phase is about completing the buildout of the Downtown vision and ensuring that early investments evolve into a lasting, vibrant district. By this stage, Downtown Ocoee will have undergone visible transformation — with active ground floors, a strong tenant ecosystem, improved infrastructure, and a clearly defined sense of place. The City’s role will shift from catalyst to steward, ensuring that Downtown remains resilient, responsive, and reflective of Ocoee’s long-term goals. Complete Absorption of Underutilized Parcels • Support the final wave of private infill and redevelopment across remaining Downtown parcels, particularly in transitional blocks or fragmented ownership areas • Promote building types that balance walkability, scale, and economic viability — including residential above retail, live/work units, or small-scale multifamily in DTN edges • Continue strategic parcel assemblage or land swaps as needed to enable cohesive block- scale projects Implement Phase II of Structured Parking and Public Access • As density increases, evaluate the need for a second parking structure or additional shared parking agreements to serve expanded Downtown boundaries • Explore long-term management strategies for Downtown parking, including dynamic pricing, enforcement, and revenue allocation to fund district maintenance and events Evolve and Continue to Program the Lakefront and Trail Network • Build upon the completed West Orange Trail extension and lakefront infrastructure by layering in additional amenities such as outdoor fitness stations, bike amenities, educational signage, and shaded pavilions • Continue recurring programming — weekly markets, fitness events, music series — that encourages year-round use and civic engagement • Reinforce the lakefront as a multi-generational recreational hub and tourism asset, anchoring Downtown’s identity well into the future Establish a Downtown Management Strategy • Transition from project-based implementation to long-term district management, such as through a: o Business Improvement District (BID) o Main Street program o Public-private partnership advisory board • Focus on maintenance, marketing, programming, and continuous reinvestment • Use this framework to ensure quality, consistency, and long-term competitiveness Secure and Celebrate Downtown’s Legacy • Reinforce Downtown Ocoee as the historic, civic, and cultural heart of the City • Encourage projects and programs that celebrate local history, community milestones, and shared public spaces • Ensure development over time continues to reflect the values of authenticity, walkability, and public benefit established in the Master Plan Section 7: Conclusion & Next Steps Downtown Ocoee is ready. With the right tools in place — a clear Master Plan, aligned zoning, early public investment, and a committed Master Developer — the City has everything it needs to shift from planning to implementation. This report has outlined a phased and financially grounded strategy to achieve the community’s vision for a walkable, vibrant, and distinctly Ocoee Downtown. From lakefront activation and small-scale reinvestment to vertical mixed-use infill and structured parking, each step in this roadmap is designed to build momentum, unlock value, and reinforce the unique character that makes Ocoee special. Above all, this process has demonstrated that Downtown revitalization is not a single project — it’s a sequence of aligned decisions, guided by vision, supported by partnerships, and responsive to the market. The time to execute is now. Immediate Next Steps The next phase of this process is about execution — not exploration. With this roadmap in place, the City’s priority should now be to partner directly with G3 Development, its Master Developer, to begin implementing the catalyst projects and aligning resources around the first five years of Downtown revitalization. We recommend the following immediate steps: • Initiate formal collaboration with G3 Development to begin planning, negotiating, and implementing the three catalyst projects identified during the Master Developer selection process: o The structured parking facility, mixed-use development o The lakefront restaurant and public space activation o A horizontal mixed-use infill project along Kissimmee or Oakland • Confirm City priorities and timelines for Year 0–5 recommendations, including: o Finalization of design and funding for key infrastructure (parking, streetscapes, trail connections) o Launch of targeted incentive programs (TI support, façade grants, tax deferments) o Public realm enhancements and event programming to build early momentum • Establish an implementation coordination process, with regular touchpoints between City leadership, G3 Development, and relevant departments to maintain alignment, resolve issues quickly, and ensure consistency in communication and expectations • Begin messaging the Downtown strategy to stakeholders and the public, reinforcing that the planning phase is complete and a multi-year revitalization program is now underway These next steps are not conceptual — they are actionable, visible, and urgent. With your partnership and leadership, we can begin delivering projects that move the vision from paper to pavement — and from aspiration to reality.