By Kyle LoJacono
When construction on Connerton started in 2004 there were grand visions for future growth in Central Pasco County.
Up to 8,500 homes were to be built in the heart of Land O’ Lakes. Hundreds of businesses were sure to follow. Basically a mirror of what happened in Wesley Chapel around Meadow Pointe.
Then the economy went south and all progress came to a slamming halt. Connerton’s development supervisors are attempting to bring back the green light with a unanimous vote to restructure a bond deal for the community, which allows more flexibility financially and in home construction.
The agreement is welcomed by Adam Krug, senior managing director of Connerton’s Texas-based owner, Hayman Woods.
“We’ve already got contracts with homebuilders to start putting shovels in the dirt in Connerton,” Krug said.
The agreement restructures the estimated $40 million for the neighborhood’s debt. It also gives Hayman Woods flexibility in lot sizes in Connerton — to a point.
“My concern isn’t so much that they’ll upgrade the size of the lots so much as reducing it below the 40-foot minimum,” said Don Anoff, Connerton’s district supervisor. He added building small “tract homes” would reduce the value of the neighborhood’s existing houses.
No existing homeowners will be affected by the deal in terms of their daily life, according to Anoff.
The deal allows Hayman Woods to avoid debt service payments for two years on undeveloped areas of Connerton, much of which has no access roads. Krug said this will allow them to put money into other areas of the neighborhood to spur growth.
“It helps everyone involved with Connerton,” Krug said. “Current homeowners, investors, businesses in the area and future home buyers all benefit.”
