A developer received the green light on a new residential and commercial space in downtown Ocala during a recent meeting of the Ocala City Council.
Brick City Residences and Shops, LLC received approval for a developer’s agreement during the Tuesday, July 6 meeting of the council.
With the approval, the developer will work to construct 16 residential units and nearly 9,000 square feet of commercial space in the downtown area. According to city records, the space lies along the 400 block of SE 1st Avenue.
City records indicate that the developer plans to spend at least $3.5 million on the project to create “at least 17,400 square feet of residential space, with at least 8,956 gross square feet of commercial space on the first floor of the proposed buildings.”
In total, the city of Ocala is giving the developer just over $355,000 in incentives for the project, including just over $100,000 in improvements to water, sanitary, and electric utilities. The city estimates the payback period for the investment in “ad valorem revenue is 11.43 years.”
For more information on building projects, permits, and planning and zoning topics, visit the City of Ocala Growth Management Department webpage.