Fort Walton Beach Resolution — 2025-10 Approving the Community Redevelopment Area Plan Update — reading text

number of rental units of an affordable housing unit, and the just value of housing 458) are located within the CRA (Table 1 7). The general units was searched using that threshold value as a trend in housing units within the CRA is that the newer the reference. unit is, the larger it tends to be, with a dramatic increase Key findings from the housing analysis include the following: between the 2000s and 2010s for single family and from the 1990s to 2000s for condominium units. Table 1 8 Although it may seem there is a large stock of units summarizes the potential availability of units at different available at or below the AMI, this is not necessarily the income levels related to the area median income (AMI). The case, as the numbers shown include all units whether AMI of the Fort Walton Beach Destin Crestview occupied or vacant. Further, these units are typically Metropolitan Statistical Area (MSA) is $65,700 (US older and smaller and may not be as desirable to the Department of Housing and Urban Development), and the market. median household income of Fort Walton Beach is Newer single family homes and condominiums are approximately $15,600 less at $50,091 (2016 US American considerably larger and more expensive, meaning that Community Survey). It is important to note that the analysis those who are seeking workforce housing may not be conducted below uses AMI rather than household income able to purchase a newer home. due to the fact that the AMI comprises a larger market area It is important to ensure that the existing affordable and workforce that potentially works within Fort Walton housing stock is maintained and enhanced, if possible, Beach and currently lives outside the area, rather than and not simply replaced with new, unaffordable units. those who only live within Fort Walton Beach. Using the AMI gives a more realistic and wider look at the housing 20 Fort Walton Beach CRA Plan  Single Family CondominiumDecadeUnitsMedian Just Value Median SF Units Median Just Value Median SF Pre 1960s 132 $ 69,335 1,161 2 N/A N/A 1960s 16 $ 75,310 1,311 91 N/A N/A 1970s 55 $ 94,943 1,232 72 $ 28,500 667 1980 56 $ 95,095 1,427 369 $ 57,000 614 1990s 48 $ 96,661 1,404 4$ 144,729 900 2000s 92 $ 81,688 1,378 267 $ 307,000 1,925 2010s 23 $ 290,829 2,789 0 N/A N/A Total 422 805 Table 1 7: Existing Housing Stock Area Single Family Condominium% Just Value Median Of Total Units Of Total Units Threshold Units Available % Units Available % Income Available Available 30%$ 49,275 27 6% 255 32% 50%$ 82,125 204 48% 496 62% 80%$ 131,400 355 84% 544 68% 100%$ 164,250 365 86% 548 68% 120%$ 197,100 386 91% 583 72% 150%$ 246,375 403 95% 612 76% 180%$ 395,650 410 97% 639 79% 200%$ 328,500 414 98% 706 88% Table 1 8: Existing Housing Affordability INTRODUCTION Map 1 10: Development Fort Walton Beach CRA Plan 21  Taxable Value Table 1 9 and Map 1 11 show the properties by taxable value per acre within the CRA. The commercial corridors along Miracle Strip Parkway, Eglin Parkway, Beal Parkway, and Hollywood Boulevard have the largest concentration of properties with per acre taxable values of $500,001 or greater, and the remainder of the CRA has a taxable value per acre mostly between $250,001 and $500,000. The non taxable properties within the CRA contain a mix of City owned property, County owned property, State owned property, and institutional buildings such as churches, parks, and non profits. Other low tax producing parcels are potential opportunities for redevelopment or development and could add additional revenue to the tax base. When compared to citywide, the CRA contains 17 percent of the total taxable acreage and 29 percent of the total taxable value. CRA Citywide CRA % of City Acres 826.74 4,902.38 17% Total Taxable Value $ 347,473,826 $ 1,167,826,508 29% Table 1 9: Taxable Value (Source: 2017 Florida Department of Revenue) Map 1 11: Parcels by Taxable Value per Acre 22 Fort Walton Beach CRA Plan  Vacant Parcels with 1 or 2 1.5 Development Assessment Parcel Size Parcel Improvement Quality, Count Built before 1980 Based on Table 1 2, there are 64.52 acres of vacant land; Less than 0.25 however, when factoring in the developments shown in 107 380 Acres Table 1 6, there remain approximately 33.68 vacant acres. 0.25 to 0.5 Acres 43 120 Four of the 10 developments listed are either accounted 0.51 to 1 Acres 25 63 for in the existing land use or are part of a redevelopment Greater than 1 of an existing improved parcel. The remaining 33.68 acres 9 42 Acre are spread throughout the CRA, as shown in Table 1 10, Total 184 605 and are mostly less than or equal to half an acre in size. This sporadic spatial alignment of mostly small parcels Table 1 10: Parcel Size makes it a challenge to attract development without aggregating parcels into larger, more manageable plots of land. In identifying potential areas that might be attractive for redevelopment, parcels with an effective year built date of Improvement Parcel Acreage Overall CRA before 1980 and an improvement quality of 2 or less were Quality Count Acreage used to frame the search. These properties, when 1 249 98.05 12% combined with the vacant acreage, total nearly 293 acres 2 356 130.19 16% 36%) of the overall CRA (Table 1 11). Vacant 11 64.52 8% Total 616 292.76 36% Map 1 12 locates the targeted land based on the criteria listed above. Although nearly half of the CRA meets the Table 1 11: Target Redevelopment Acreage determined criteria, the more desirable sites would be those that are larger than 0.5 acres and located adjacent INTRODUCTION Map 1 12:Target Redevelopment Fort Walton Beach CRA Plan 23  to other large parcels. The largest areas of land that are that are bringing neighboring property values down. adjacent to one another and contain larger parcels are Above ground utilities are a potential hazard during located in the northwest along Jet Drive and in the south significant weather events such as hurricanes and central portion, adjacent to First Street NE. tropical storms. The targeted redevelopment locations, as they exist today, There is an overall lack of city economic and marketing influence the goals, objectives, and policies because of the knowledge; participants stated that they have no various needs in terms of parcel aggregation, upkeep, available information that compares Fort Walton Beach redevelopment, and prioritization. Whereas Map 1 12 to nearby cities; and there is no available information generally visualizes where redevelopment is more likely, about what type of customer the Downtown is various projects/ plans such as the Downtown Master Plan, attempting to draw. Brooks Street bridge replacement, and ongoing long term City projects impact the specific targeted location of redevelopment. Targeted locations may be used in Opportunities conjunction with specific goals, objectives, and policies by Partnering with businesses Downtown will enhance the calling out key parcels based on other criteria that can entrances along Brooks Street, which would add store include attributes such as having a water frontage, frontage in addition to the existing frontage on Miracle downtown location, or location along a key corridor. Strip Pkwy/ US 98.