OLDSMAR — A developer has proposed replacing the Oldsmar Flea Market with a 279-unit apartment complex, a project that under the state’s Live Local Act would bypass public hearings and City Council approval.
Kolter Multifamily, based in Delray Beach, submitted plans to build the complex, dubbed Alton Oldsmar, on more than 13 acres of the flea market site at 180 Race Track Road. The mixed-use project would include five buildings — four four-story structures with 60 units each and a five-story building with 39 units — along with a pool, clubhouse, fitness center, dog park, pond, pavilion and 674 square feet of retail space.
The company has submitted a 2025 bid to purchase the land.
Plans have been submitted to redevelop a large portion of the Oldsmar Flea Market at 180 Race Track Road with Alton Oldsmar, a 279-unit apartment complex.
Photos by MIKE CAMUNAS/Tampa Beacon
Because the project falls under the Live Local Act, city officials have limited authority over its approval. The act bars local governments from requiring public hearings or council votes for qualifying projects. It mandates administrative approval of residential and mixed-use multifamily developments in which at least 40% of units are affordable, as defined by Florida statutes, for at least 30 years.
City officials said staff is reviewing the application to ensure it meets state requirements and local regulations.
“If the proposed plan meets the requirements of the Live Local Act and applicable local regulations, the project must be approved administratively, as required by the State of Florida,” said Debb Vitraelli, public communications supervisor, for the city of Oldsmar.
The flea market has been a weekend destination for bargain hunters since 1980, when Richard Ferkich Sr. founded it after noticing tenants selling items from self-storage units. Developer Grady Pridgen purchased the property in 2018 for $11.35 million and transformed it into a shopping and entertainment venue with more than 800 potential vendor booths selling antiques, produce, collectibles, clothing and more.
But vendors have faced steep rent increases. The Tampa Bay Times reported in late 2023 that some saw rents nearly triple.
“I’m right on the edge,” Sharon Micek, who has operated Sam’s Books at the flea market for more than 31 years, told the Times. Micek said her rent for a 20-by-20-foot unit without air conditioning had doubled in two years, topping $1,600 a month with utilities. “If rent goes up again, I hope that I can sell enough books to keep up.”
Alton Oldsmar is one of several projects under Kolter Multifamily’s Alton brand along the Gulf Coast, including Alton Palmetto, which will feature apartments ranging from 661 to 1,188 square feet.
“This is a submarket where demand is outpacing institutional supply,” Jeff Kruse, managing director at Kolter Multifamily, told Multi-Housing News. “We are able to deliver a highly livable product on an efficient basis, in a location supported by real migration, job access and long-term growth fundamentals.”