AG Development Group proposes constructing a 21,998 square feet grocery store at 6214 U.S. Highway 19. The firm has been working for several months on the assembly of several land parcels. The largest piece has been vacant for several years and would be razed to make way for an Aldi’s and future additional redevelopment.

For the redevelopment of the Adli site to move forward, a .2 acre section of land owned by the CRA at the northwest corner must be sold to meet the necessary requirements for site development. (see map.)

AG development is offering $35,555 for the .2 acre parcel with a fair market value of $34,783, $722 lower that the offer.

On July 18, 2016, the entire 1.84 acre CRA parcel located at 6131 River Rd. was appraised for $320,000 by The Dohring Group. A prorata analysis of the .2 acre parcel to be sold, would be valued at $34,783, as stated above.

It is estimated this store will be 5,000 square feet larger than the Aldi’s constructed on Cinema Dr. in Port Richey. A review of the Pasco County Appraisers taxable value for the Port Richey location, indicates a Taxable Value of $1.73 million. Based upon the larger square footage, it is estimated the taxable value of the New Port Richey Aldi will likely exceed $2 million, twice the existing taxable value of the assembly of lots required to redevelop the site.