Submitted By: Roberto Ellis
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Presentation By: Aubrey Hale
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Department: Growth Management
STAFF RECOMMENDATION (Motion Ready):
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Approve Redevelopment Agreement for Project Hometown - Downtown Ocala Marriott AC between the City of Ocala and Domach, LLC, with total city incentives not to exceed $5,619,644
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OCALA'S RELEVANT STRATEGIC GOALS:
Quality of Place, Economic Hub
PROOF OF PUBLICATION:
NA
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BACKGROUND:
In 2004, the City of Ocala (City) completed the Downtown Ocala Master Plan (Master Plan), which provides implementable redevelopment and reinvestment strategies. The overall revitalization and success of downtown Ocala depend upon these strategies. The Master Plan aims to concentrate new development within the downtown core while ensuring that development concepts achieve the highest and best use of properties. Additionally, the Master Plan highlights numerous parking lots, vacant parcels, and underutilized properties located within the city center. These sites represent prime opportunities for new development, which is an essential component of downtown's long-term success.
Subsequently, the City has continued its reinvestment and redevelopment initiative as evidenced by the completion of the Ocala 2035 Vision, Comprehensive Plan update, and additional focus area studies/master plans. In 2024, the city began the process of updating the 2035 Vision to extend it to the year 2050. The city selected Urban 3, a financial stability consultant, to conduct a study, Economics of Community Design, examining the land-value economics, property and retail tax analysis, and community design of Ocala. A primary focus of the study was the downtown core with an emphasis on the importance of mixed-use, high-intensity development in the downtown area to establish and maintain key revenue sources.
The subject property, located at 210 West Silver Springs Boulevard (Parcel ID: 2854-025-001), falls within the Community Redevelopme...
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