Kolter Multifamily Proposes 279-Unit Apartment Complex To Replace Oldsmar Flea Market

Kolter Multifamily wants to tear down the Oldsmar Flea Market and build 279 apartments in its place. The new development would be called Alton Oldsmar. The Delray Beach-based builder filed paperwork under Florida's Live Local Act, which means no public hearings or City Council votes are needed.

The project will sprawl across more than 13 acres at 180 Race Track Road. Plans call for five buildings. Four of them will stand four stories tall with 60 units apiece, while one will rise five stories with 39 units. Amenities will include a pool, clubhouse, fitness center, dog park, pond, and pavilion. There's also 674 square feet set aside for retail.

The company put in a 2025 offer to purchase the land.

The Live Local Act strips local governments of their usual power to hold public hearings or council votes on certain projects. State law requires administrative approval of residential and mixed-use multifamily developments when at least 40% of units meet affordability standards for a minimum of 30 years. City officials have little say in whether to approve or deny these applications.

"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, per Suncoast News.

Staff members are now checking the application against state and local rules.

Richard Ferkich Sr. started the flea market back in 1980. He got the idea after watching tenants hawk items from self-storage units. Developer Grady Pridgen scooped up the property in 2018 for $11.35 million and transformed it into a shopping and entertainment hub with more than 800 vendor booths. Vendors sold antiques, produce, collectibles, clothing, and other goods.

Rent hikes have squeezed vendors hard in recent years. The Tampa Bay Times reported in late 2023 that some rents had nearly tripled.

"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 joins several projects under the Alton name along the Gulf Coast. Alton Palmetto, for instance, 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."