By B.C. Manion
New River Township, a development on SR 54 in Wesley Chapel which came to a virtual standstill during the housing crisis, is now getting a jumpstart thanks to a deal involving $20 million in community district development bonds.
The bond deal took about two years to consummate, according to a news release from the Avalon Park Group, the project’s developer.
“The bond restructuring took time because it was complicated,” said Eric Marks, senior vice president at Avalon Park Group. That deal, coupled with homebuilder interest, is revitalizing the project, he said.
“Now you’ve got bonds that are appropriately sized for the market,” Marks said.
“We have a lot of builder interest,” Marks said, noting talks have been ongoing with local and national homebuilders. He expects to be able to announce the names of homebuilders soon.
Marks said he’s aware that the housing market remains challenging, but he said the houses will be competitively priced. He’s also optimistic that the new activity is beginning at a time when the housing market is beginning to recover.
Development of 365 lots and a clubhouse with pool have been completed for the new phase. Only four homes currently stand in that phase of the neighborhood.
There also are plans to construct a town center containing more than 700,000 square feet of retail, civic and commercial space.
When the entire project is done, the 1,800-acre New River development will include more than 4,800 residential units, with a mix of single-family and multi-family housing, as well as a town center.
The development plan includes more than 600 acres of natural preservation, walking and biking paths and man-made lakes, according to a company news release.
A community development district assesses taxes on property owners to pay for common infrastructure expenses such as roads and utilities.
