Wood Partners is expected to officially announce Monday a new residential project that would bring more than 300 apartment units to the 20 Mile Level Road area of Land O’ Lakes.
Alta Terra Bella LP, a company associated with the Atlanta-based developer, closed on 52 acres of land last Tuesday, located between Via Bella Boulevard and 20 Mile, just north of State Road 54. The company paid Capstone Resdev LLC $4.2 million for the property, according to county property records, using part of a $30 million mortgage the company received earlier this week from Synovus Bank.
Representatives from Wood were scheduled to meet with Pasco County officials about the project last June, sharing plans to build 311 apartment units in 14 buildings, as well as a free-standing clubhouse and free-standing parking garages. It would have a total of more than 452,000 square feet.
The project was originally known as Viento at Terra Bella Apartments, according to documents filed with the county, with units averaging about 1,200 square feet. The parking garages would be individual, one-story units, that could hold up to six vehicles each.
The project will be called Alta Terra Bella, according to a Wood Partners spokeswoman.
The land was originally purchased in 2007 for $6.8 million by BSP/Pasco LLC, a company associated with Orlando-based developer Scott T. Boyd. However, PNC Bank filed foreclosure papers against the property in October 2011, claiming they were owed nearly $6 million. The bank won title to the property through its Capstone Resdev affiliate in August 2012, and had the land on the market ever since.
The new community will be located in the same general area of State Road 54 where Florida Medical Clinic maintains its headquarters.
Find out more about the development in the Nov. 26 print edition of The Laker/Lutz News.