Redevelopment efforts in Downtown Ocala bring important social, residential and economic benefits
Many people in Ocala associate the Boyd Group with large-scale development, but increasingly Boyd has been an integral part of the process of redevelopment in Downtown Ocala. So what’s the big difference?
Development VS. Redevelopment
Development is the overall process of improving real property. This usually involves re-zoning or repurposing vacant land into something new. Some Ocala development projects by Boyd are: Deerwood, Bellechase, Easy Street and Airport Logistics Park. All of these were vacant land that are now fully developed and adding to the fabric of Ocala’s community and economy.
Redevelopment specifically targets properties, that while previously improved, are not necessarily at peek performance for one reason or another. Ocala properties that are abandoned, blighted, and underused can be redeveloped into something new ideally the highest-and-best-use of the property.
What are the benefits of redevelopment for Ocala?
- Redeveloped properties enhance the tax base
- Historic and important buildings can be saved or moved to protect their legacy
- Allows Ocala to provide what’s needed now and in the future (ex: high density housing)
- Adding residential units downtown increases walkability, and therefore spending
- Redevelopment brings new life and purpose to areas that already have infrastructure
- Creates new, local jobs
- Supports sustainable land use and prevents urban sprawl
- Eliminates eyesores
Mainstreet Bank Downtown Ocala
Examples of Redevelopment in Downtown Ocala
Mainstreet Bank This was a classic case of an underutilized building that was empty, providing nothing to the tax base. The property was purchased and then a tenant was found and improvements were made before it was sold. It is now back on the tax role, and between the bank and the neighborhood shared workspace it has 40-50 employees working there. Those employees spend money downtown further adding to the economy and tax base.
This property owned by the city had a historic home on it but was otherwise not being used optimally. With support from the city and the historic preservation organization, the historic home was moved to a better location and is now operating as a school for future generations. Boyd Development, on behalf of the ownership group and the owners then planned a unique 3-story townhome project that will bring tax revenue to the city. Studies have shown that residents who live downtown, walk more and spend more locally than those who commute.
HDG Building This property, in a well-established area on 1st Ave was also underutilized. A local organization focusing on Hotel Development has relocated here, and with 3 tenants, the building is now a thriving business with over 100 employees. Studies have shown that those who walk on foot in cities spend disproportionately more than those who commute or use public transportation.
HDG Bldg in Downtown Ocala
So, not only is Boyd building great developments in Ocala, they are also redeveloping, and bringing new residential, social and economic growth to Downtown Ocala through concerted, sustainable redevelopment efforts.
For more information on redevelopment in Downtown Ocala, contact our expert Angie Lester.
