As promised, it didn’t take long.
Bureaucratic wheels are turning on a project to build office and industrial space at the master-planned community of Asturia, off State Road 54.
Pasco County commissioners approved a 10-year, $7 million loan to HP Asturia LLC on July 11 to aid in getting the two-phase project started.
Private investment in the project is pegged at about $26 million, according to county records.
On Aug. 1, Pasco County planners and representatives of Aurora Civil Engineering scheduled a pre-application meeting to discuss “Asturia Industrial.” That is a first step before submitting a site plan and other documents for approval from the Pasco County Commission.
“We’re ready to start this afternoon,” said Graham Mavar, in remarks to county commissioners at the July 11 meeting. Mavar is partner in leasing and development with Harrod Properties, which is developing the project.
“We like to self-develop everything,” he said. “We like the risk side so we build speculatively, which a lot of people won’t do.”
Mavar estimated construction would start by the end of the year.
County officials said they anticipate completion in 2018.
The first phase of development includes a total of 107,500 square feet of industrial space. Two buildings are proposed. One is 40,000 square feet, including an 8,000-square-foot mezzanine. The second industrial building would be 54,000 square feet, county records show.
The loan agreement between the county and HP Asturia calls for the design, permitting and construction of the first phase to be completed within 24 months. Tampa-based Harrod Properties Inc., is partnering in the development.
The second phase of construction proposes a 128,000-square-foot industrial building, with the caution that plans could change. A future retail outparcel also is listed in the pre-application form.
The industrial park is off State Road 54 in Odessa, about 1.5 miles west of Suncoast Parkway.
The county’s loan will aid in design and construction of a northern spine road connecting to Tower Road from State Road 54. Funding is from the Penny for Pasco program.
However, if certain goals, primarily related to job creation, are met the entire loan could be forgiven, essentially becoming a grant. The buildings will be built on speculation, without pre-signed tenants.
County officials project up to 400 new jobs, with total salaries estimated at about $11 million. They also anticipate economic growth from the development to add about $32 million to the county’s gross domestic project annually.
The loan agreement sets up the goals in phases.
Once the new road is open to the public and there is a minimum of 80,000 square feet of industrial/office space, the county will forgive $4 million of the loan. Another $1 million would be forgiven on proof of 5-year leases for the first buildings. Finally, the last $2 million would be forgiven at build-out, with additional leases, and total space of 200,000 square feet.
Published August 9, 2017