IPF / OCS - Informational Updates

[bulloni]

On 8/31/2022 at 9:03 PM, Jim Johnson said:

The land is owned by Hillsborough County... but I bet they'd be open to leasing the land to developers who could turn it into something... if they change their minds.
 

Hillsborough unplugs MOSI property redevelopment, at least for now

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“I don’t know what the future for it will be,” says Commission Chair Pat Kemp.

 

So reading that article and this one it seems like the timeline has been:

• Plans were made to move Mosi to waterstreet and look for a design firm to head on a project of redeveloping the 74 acres acres of land. But due to covid the county canceled that as there was some economic uncertainty. They were looking for "an urban, mixed-use hub for cutting-edge companies, sustainable living and community advancement." But after covid they didn't know what the community would need, why build a bunch of office space if everyone is working remote. 
• 5 months ago Mosi hired a new CEO/President and got the county to lend them $250,000 as they finished the previous fiscal year with a $925,000 deficit. The county has warned them this is the last bailout they'll get until Mosi could produce a self-sustaining business model.
• Out of 5 buildings only 3 are occupied, leaving 364,000 square feet of space unoccupied since their downsizing.

So it seems like one of 2 things will happen:

1.) This new guy is able to turn Mosi into a profitable business and they continue to operate, but what happens to the rest of the property now that they've downsized?

2.) Mosi continues to fail, i'd put my money on this. Even before covid I'd be shocked if they we're turning a profit.

The original redevelopment plans we're before we announced an On Campus Stadium. Assuming Mosi fails, I wonder if that would change the type of proposals the land would get? 

[BullyPulpit]

4 minutes ago, bulloni said:

So reading that article and this one it seems like the timeline has been:

• Plans were made to move Mosi to waterstreet and look for a design firm to head on a project of redeveloping the 74 acres acres of land. But due to covid the county canceled that as there was some economic uncertainty. They were looking for "an urban, mixed-use hub for cutting-edge companies, sustainable living and community advancement." But after covid they didn't know what the community would need, why build a bunch of office space if everyone is working remote. 
• 5 months ago Mosi hired a new CEO/President and got the county to lend them $250,000 as they finished the previous fiscal year with a $925,000 deficit. The county has warned them this is the last bailout they'll get until Mosi could produce a self-sustaining business model.
• Out of 5 buildings only 3 are occupied, leaving 364,000 square feet of space unoccupied since their downsizing.

So it seems like one of 2 things will happen:

1.) This new guy is able to turn Mosi into a profitable business and they continue to operate, but what happens to the rest of the property now that they've downsized?

2.) Mosi continues to fail, i'd put my money on this. Even before covid I'd be shocked if they we're turning a profit.

The original redevelopment plans we're before we announced an On Campus Stadium. Assuming Mosi fails, I wonder if that would change the type of proposals the land would get? 

Hillsborough would be smart to go with one of those mixed use, live-work-play setups akin to Midtown. Having some restaurants and bars close to the OCS would be a boon for business. 

[GoBulls84]

18 minutes ago, bulloni said:

So reading that article and this one it seems like the timeline has been:

• Plans were made to move Mosi to waterstreet and look for a design firm to head on a project of redeveloping the 74 acres acres of land. But due to covid the county canceled that as there was some economic uncertainty. They were looking for "an urban, mixed-use hub for cutting-edge companies, sustainable living and community advancement." But after covid they didn't know what the community would need, why build a bunch of office space if everyone is working remote. 
• 5 months ago Mosi hired a new CEO/President and got the county to lend them $250,000 as they finished the previous fiscal year with a $925,000 deficit. The county has warned them this is the last bailout they'll get until Mosi could produce a self-sustaining business model.
• Out of 5 buildings only 3 are occupied, leaving 364,000 square feet of space unoccupied since their downsizing.

So it seems like one of 2 things will happen:

1.) This new guy is able to turn Mosi into a profitable business and they continue to operate, but what happens to the rest of the property now that they've downsized?

2.) Mosi continues to fail, i'd put my money on this. Even before covid I'd be shocked if they we're turning a profit.

The original redevelopment plans we're before we announced an On Campus Stadium. Assuming Mosi fails, I wonder if that would change the type of proposals the land would get? 

I think the lack of turning a profit is why they were looking to relocate MOSI downtown in the first place.

[Rocky Style]

41 minutes ago, BullyPulpit said:

Hillsborough would be smart to go with one of those mixed use, live-work-play setups akin to Midtown

I can say from ATL, this spreads like the plague to any open parking lot.  But it works!  Expensive cocktails in mason jars with elderflower is the way to go.  Do a marketing shoot and pretend it is a vibrant culture.

[bulloni]

48 minutes ago, BullyPulpit said:

Hillsborough would be smart to go with one of those mixed use, live-work-play setups akin to Midtown. Having some restaurants and bars close to the OCS would be a boon for business. 

There's already a pedestrian bridge over to campus from there too. Would change the feeling of the University almost as much as the stadium to have a walking distance place for students to go out too