"We are gaining tremendous investment now and momentum on U.S. 19 and Holiday," explained David Engel, Pasco County's Economic Growth Director.
Engel said approval has been given for a luxury apartment complex on U.S. 19 on the site of a shopping center that's already been demolished. A construction date has not been set.
There are also plans to bring in a mixed-use property where the University Plaza Mall sits.
Plans call for a seven to eight-story building, 650 apartment units, and 65,000 sq.ft of retail and parking decks.
"It's our hope after a couple of these key pivotal projects are engaged and up that the private sector will start investing without any type of incentives. Redevelopment is very difficult because most developers avoid areas that we want to redevelop for a number of reasons. But once we change the character and show a proof of concept. I believe strongly that the Holiday area will be just as important to the county, in a different way, as Wesley Chapel is," explained Engel.
But, according to Engel, these types of developments can be important to bring in revenue to Pasco County.
"It's important in several ways. Number one, right now, we have a diminishing tax base in the Holiday area. Our sales tax capture is going down as old types of highway commercial vacate the area. So the redevelopment and establishment of mixed-use will provide traffic capture in the area so people won't have to use their cars. It will also diversify the tax base and when you have mixed-use, you have a daytime population and also an evening and weekend population. So it's a dramatic boon to the area. It cuts down crime, cuts down vagrancy and it also stimulates revenue for the county and sales taxes," said Engel. "So there is a lot of things that aren't visible to the community, but they are taking place. And once the cash flow improves, so does the property values. "
