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.
“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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