2.3 Evaluation of Development and Redevelopment Potential
To determine development and redevelopment potential, the study team evaluated land use, development intensity, building value, and environment constraints for parcels within and adjacent to the study area using Hillsborough County Property Appraiser data. The evaluation procedure included the following:
Identify parcels with development potential (undeveloped land),
Identify parcels with redevelopment potential (developed, but with low existing improvement value or development intensity), Detect potential environment constraints that could limit development and redevelopment of a site,
Assess the remaining unconstrained acreage.
2.3.1 Parcels with Development Potential Parcels with existing vacant land use classifications in the property appraiser data were identified as having development potential. In addition, other parcels with no building information, including agricultural, commercial, or residential parcels with no building square footage, building effective build date, or building value, were also considered as developable. Finally, public parcels classified as homeowner association (HOA), right-of-way (ROW), utility, cemeteries, public, private schools, golf courses, churches, and transportation as well as parcels with approved development entitlements were excluded from consideration. Based on this evaluation, 8,310 parcels (20,986 acres) were identified to have development potential. The results are illustrated in Table 12 and Table 13. 2.3.2 Parcels with Redevelopment Potential Property appraiser parcel data was used to determine parcels with redevelopment potential. Information used during this process include existing use, building and land value and development intensity. Similar to identifying development potential, public parcels classified as homeowner association (HOA), right-of-way (ROW), utility, cemeteries, public, private schools, golf courses, churches, and transportation, as well as parcels with approved development entitlements, were excluded from consideration. The 8,310 parcels identified in the previous step as having development potential were also excluded. Subsequently, parcels with high utilization rates or high value buildings relative to total parcel value were also removed from consideration. The following two main criteria were used to identify the parcels with redevelopment potential (see Table 10):
Ratio of building value to total value between 0.1 percent to 33 percent
Ratio of building area to site area [floor-area-ratio (FAR)] for development intensity between 0.01 to 0.2 for sites greater than five acres Parcels with low building to total value ratios and low FAR in those ranges are considered as having higher potential to redevelop than other parcels with higher value buildings or FAR.
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