The Laker/Lutz News

Alta Terra Bella

Bank branch to open in Land O’ Lakes

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First National Bank of Pasco is expanding into the growing markets of central Pasco County.

Bank officials filed an application to open their first Land O’ Lakes branch at the northeast corner of State Road 54 and Livingston Road, according to records filed with the Office of Comptroller of the Currency.

It will be the fourth office for First National, which opened in Dade City in 1986. Two other offices are in Zephyrhills, in eastern Pasco.

Steven Hickman is president and chief executive officer of the Dade City-based First National Bank of Pasco. The financial institution plans to expand into central Pasco, opening its first Land O’ Lakes branch. (Courtesy of First National Bank of Pasco)
Steven Hickman is president and chief executive officer of the Dade City-based First National Bank of Pasco. The financial institution plans to expand into central Pasco, opening
its first Land O’ Lakes branch.
(Courtesy of First National Bank of Pasco)

The site for the new branch is adjacent to Terra Bella, a master-planned community of single family homes and a recently completed apartment complex, Alta Terra Bella. And, Tampa Premium Outlets, The Shops of Wiregrass and The Grove in Wesley Chapel are all part of the swirl of development activity along State Road 54 and State Road 56.

“We think it’s a very strategic location for high growth,” said Steven Hickman, president and chief executive officer of First National Bank of Pasco.

Hickman said other locations would be considered for future expansion.

The comment period on the bank’s application ended March 3. Bank officials also have met with county planners to discuss permitting and construction of the bank branch.

Closing on the property is expected by the end of April. Construction would take about a year for a bank branch that will cater to a changing customer base that includes the Gen Y, or millennial generation.

“It’s not going to look like one of our traditional branches in Zephyrhills or Dade City,” Hickman said.

Traditional teller lines will be eliminated, replaced with “universal” employees prepared to help with myriad of banking, insurance or wealth-management needs.

The number of customers opting for online and mobile phone banking services is increasing, particularly among millennials born between 1982 and 2000. And, traditional brick-and-mortar banking isn’t as attractive to young people who grew up in a totally digital world.

The First National branch will be full service, but its customers can opt for as much or as little personal service as they want.

“It’s all going to be a new approach for us,” Hickman said.

Virtual banking is a choice but, he said, “It’s a higher touch if the customer wants it.”

First National of Pasco opened in 1986 in Dade City. The bank reported assets of $137 million and net income of $529,000 in 2015, according to documents filed with the Federal Deposit Insurance Corporation (FDIC).

Published March 9, 2016

Land O’ Lakes to get Dairy Queen, apartments

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A Dairy Queen and a long-planned apartment complex at Terra Bella are under construction on State Road 54 in Land O’ Lakes, between Livingston Road and Via Bella Boulevard.

The fast-food restaurant is expected to open in two to three months, possibly by the Fourth of July weekend, according to Keith Bennett, owner of Retail Site Development.

Dairy Queen is expected to open by July 4 on a parcel next to the Terra Bella subdivision off State Road 54 in Land O’ Lakes. (Kathy Steele/Staff Photo)
Dairy Queen is expected to open by July 4 on a parcel next to the Terra Bella subdivision off State Road 54 in Land O’ Lakes.
(Kathy Steele/Staff Photo)

The Dairy Queen location is one of several outparcels adjacent to Terra Bella that are available for commercial development. These smaller commercial projects are benefiting from proximity to shopping malls such as The Grove in Wesley Chapel, The Shops at Wiregrass and the soon-to-open Tampa Premium Outlets, Bennett said.

“Between those three projects…you’re getting outward growth,” he said. “It’s natural for commercial development like this, with interested companies like Dairy Queen.”

The fast-food restaurant will seat about 75 people and have a drive-through window. Bennett owns additional commercial parcels adjacent to the Dairy Queen site.

Once that project is complete, he said, “We’ll look to see what we choose to do with the balance.”

Southeast Commercial also is marketing commercial outparcels fronting State Road 54 at Terra Bella.

Behind the Dairy Queen site, along Venezia Avenue, construction also is under way on Alta Terra Bella, an apartment complex of 311 garden apartments in 14 three-story buildings.

The North Carolina-based Wood Partners is building the complex as the final residential phase of Terra Bella, a community of more than 250 single-family homes.

A groundbreaking was held late in 2014. Construction is expected to finish by May 2016, but leasing could begin as early as September of this year, according to a press release from Wood Partners.

The project is projected to generate $24.5 million in local income, $2.5 million in taxes and other revenues for local governments, and nearly 380 jobs. The data provided by Wood Partners in its press release is based on a formula used by the National Association of Home Builders.

Published May 13,2015

Dairy Queen firming up Land O’ Lakes location

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Ever get that hungry feeling for a frozen Mint Oreo Blizzard, but didn’t want to drive all the way to Wesley Chapel to get it?

The Terra Bella area of Land O’ Lakes, where a new apartment community was just announced last week, could very well have a Dairy Queen come in on its coattails.

Robin Kendall of EMK Consultants of Florida is set to meet with Pasco County officials next week behind closed doors help plan a new 3,076-square-foot Dairy Queen restaurant that would be located next to Christian Brothers Automotive on State Road 54. It would be just in front of the Dance and Gymnastics Academy of Tampa and Discovery Point Child Center, both located on Venezia Drive.

The project would involve several parcels along the north side of State Road 54 just east of Christian Brothers, land that is currently owned by K&B Flagship LLC of Orlando. It would be located between Via Bella Boulevard and Livingston Road.

If built, it would be the fifth such store in Pasco County, joining ones on Gall Boulevard in Zephyrhills, on Wesley Chapel Boulevard, and two others in New Port Richey.

That area of Land O’ Lakes already is heavily traveled by commuters and residents using Interstate 75 and the Suncoast Parkway, but would have an even stronger local boost when Alta Terra Bella — a 311-unit luxury apartment complex — is completed just west of it near 20 Mile Level road.

Plans for the Dairy Queen are still in the preliminary stages, and it’s unclear when construction would start.

New luxury apartment complex coming to Land O’ Lakes

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Wood Partners is stepping in where another developer left off, resurrecting a 311-unit apartment complex that could add even more residents along State Road 54 in Land O’ Lakes.

The Atlanta-based company announced the new project — called Alta Terra Bella — just off 20 Mile Level Road Monday, following a report on The Laker/Lutz News’ website, LakerLutzNews.com.

Developers of the new Alta Terra Bella apartments say the new Land O’ Lakes community will inject nearly $25 million into the local economy, and indirectly create nearly 400 jobs. (Michael Hinman/Staff photo)
Developers of the new Alta Terra Bella apartments say the new Land O’ Lakes community will inject nearly $25 million into the local economy, and indirectly create nearly 400 jobs. (Michael Hinman/Staff photo)

“As the Tampa Bay area continues to experience robust employment and income growth — especially in the hospitality, financial and business service industries — Pasco County will continue to grow,” said David Thompson, Wood Partners’ Florida development director, in a release. “Alta Terra Bella is ideally located near top schools, and provides convenient interstate access to employers throughout the Tampa area.”

Wood Partners closed on 52 acres of land through a subsidiary, Alta Terra Bella LP, last week. It’s located between Via Bella Boulevard and 20 Mile Level, just north of State Road 54. The developer paid Capstone Resdev LLC $4.2 million for the vacant land, according to county property records, using part of a $30 million mortgage the company received early last week from Synovus Bank.

Pasco County officials met with representatives from Wood Partners last June, where the developer shared plans to build 311 apartment units in 14 buildings. Also on the plans are a freestanding clubhouse and freestanding parking garages, with a complete build-out 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, each with six bays for vehicles or storage.

Wood Partners is not expected to waste much time in breaking ground and getting construction started. The company expects to start leasing next September through its Wood Residential Services subsidiary, according to a release, with a full completion date scheduled for May 2016.

A community like this could inject as much as $24.5 million into the local economy — including $2.5 million in taxes — that would ultimately create nearly 380 jobs, Wood Partners officials said, using a formula offered by the National Association of Home Builders.

The population within a five-mile radius of the proposed Land O’ Lakes development has exploded by 114 percent since 2000, compared to a smaller but still strong 20 percent for the rest of the Tampa Bay region, the developer said. At the same time, household incomes have risen 37 percent, with 64 percent of households generating income of more than $50,000 not far from the proposed complex.

The land for Alta Terra Bella 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, according to county records, claiming they were owed nearly $6 million.

The bank won title to the property through is Capstone Resdev affiliate in August 2012, and the land has been on the market ever since.

The new community will be located in the same general area where Florida Medical Clinic operates its headquarters. It’s also close to 46 acres of land Academy at the Lakes purchased in August 2013 on 20 Mile Level for $2 million.

The Collier Parkway school purchased the former MacManus property for $44,000 an acre, while Wood Partners spent just under $81,000 an acre for its land. The developer plans to use just 19 acres of the site for the complex, slating the rest for conservation and other non-commercial uses.

Charlan Brock & Associates designed the community, according to a release. It will have a 9,000-square-foot clubhouse that will include a community room, fitness center, playroom, a Wi-Fi café, and a summer kitchen overlooking a swimming pool.

The community will have more than 630 surface parking lots, and 76 garage spaces for rent.

Biggest local real estate purchases of 2014

1. $36.1 million, Arlington at Northwood in Wesley Chapel
BES Northwood Fund IX LLC of Chicago purchased this 312-unit apartment complex in May and renamed it Enclave at Wiregrass.

2. $16 million, Wiregrass Ranch development in Wesley Chapel
Pasco County Associates II LLLP picked up more than 332 acres in May for a 550-home subdivision along the southern portion of State Road 56, not far from Pasco-Hernando State College’s Porter at Wiregrass Ranch campus.

3. $10.2 million, West Winds Assisted Living Facility in Zephyrhills
Sabra Health Care Holdings III purchased the 75-bed nursing home on Eiland Boulevard in October.

4. $4.7 million, Creative World School in Land O’ Lakes
Emerald Holding and Investments LLC bought the 7-year-old building and 2 acres of land on Mentmore Boulevard from Ballantrae LLC in July.

5. $4.2 million, Alta Terra Bella in Land O’ Lakes
Alta Terra Bella LP, a subsidiary of Wood Partners, purchased 52 acres of land off State Road 54 to build a new 311-unit apartment complex.
Source: Pasco County Property Appraiser

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Wood Partners to build 300 apartments in Land O’ Lakes

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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.