Picture this: you could park, live, and shop all within the same “lot,” right here in Lakeland.
Let us explain. Last week, Lakeland commissioners passed unanimous approval for the CRA to open negotiations with Onicx, a Tampa developer, to transform the Oak Street Parking Lot by 2024.
The current Oak Street Parking lot is located off of Kentucky Avenue with 150 spaces, across 1.49 acres. Should all negotiations pan out, the new structures would provide Lakelanders with a place to park, live, and shop with a five-story building for residential, a six-story structure for parking, and 3,000 sqft for retail, including space for a new corner cafe.
To catch you up to speed, here are a few other highlights of the proposal:
- This residential option will add another chance for Lakelanders to live downtown with 153 apartment units — a handful of which will be marked as “affordable housing.”
- The parking garage will add an additional 400 spaces to downtown, 150 of which, will belong to the city
- Because of the downtown nature of the project, an increase in traffic is not projected due to the walkability of the area
- Negotiations with Onicx will occur until April 2022, if no agreement is reached, a second proposal will be considered.
- Upon completion, the development is expected to bring in $450,000 annually in taxable revenue.
To read up on the proposal and tentative development, check out the city’s memo here.