PROPERTY DESCRIPTION:
Oak Grove Commons at University Redevelopment Site – 3.25± Acres in Prime North Tampa Location Presenting a rare investment and redevelopment opportunity in the heart of North Tampa, this Redevelopment Site consists of four contiguous parcels, ideally situated within a designated Opportunity Zone, offering significant potential tax advantages for developers and investors.
Property Breakdown:
- Parcel 1 (Folio #035835-0100): ±0.45 acres, improved with a single-family home and a one-story duplex
- Parcel 2 (Folio #035835-0000): ±1.10 acres, improved with six existing duplexes
- Parcel 3 (Folio #035834-0000): ±0.46 acres, improved with a single-family home
- Parcel 4 (Folio #035832-0000): ±1.24 acres, improved with a single-family home
With utilities already in place and income-producing structures currently on-site, this property offers flexibility for both immediate cash flow and future redevelopment potential. The existing improvements could be reconfigured, upgraded, or fully redeveloped into a higher-density multifamily asset, capitalizing on the site's favorable zoning and growing demand for rental housing in the area.
This property is ideally suited for a developer seeking a mid-sized multifamily project, workforce housing, or a residential concept in one of Tampa’s most active redevelopment corridors. The combination of in-place infrastructure, current rental income, and long-term development upside makes this a compelling offering in a supply-constrained rental market.
DEVELOPMENT DESCRIPTION
Test Fit & Density Analysis: Preliminary test fit analysis indicates the development of multifamily could be developed here and provide for upwards of 158 +/- units are possible to be developed on the site by taking advantage of the future land use zoning (R-20) that allows for 20 units per acre, plus Greywater and Affordable Workforce Housing increased density options.
Opportunity Zone Information: This site also sits within Census Tract 108.16 which is a Low-Income Community Opportunity zone located within University, FL. This 0.5 square mile census tract has an approximate population of 3,900 people currently and is one of 32 opportunity zones in Hillsborough County. Therefore, there may be possible tax incentives to develop on this site.
2025 Qualified Census Tract: Additionally, the site is within the 2025 Qualified Census Tract (QCT) and Difficult Development Areas (DDAs) that went into effect as of January 1, 2025. Under a QCT, this site could be eligible for certain benefits under the Low-Income Housing Tax Credit (LIHTC) Program that has been put in place to help incentivize development of affordable housing in this area.
Joe Esposito
Axxos
