112.35 ac Mixed Use I-75 & Overpass Rd. Wesley Chapel

Vacant Land for Sale
Sale Pending
Catylist Listing ID: 30752707
Property Subtypes: Hospitality, Industrial, Multi-Family, Office, Residential (Single Family), Retail
Status: Pending
Gross Land Area: 112.35 Acres
Sale Price: $18,400,000
Unit Price: $163,773 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/19/2021

Overview / Comments

PROPERTY DESCRIPTION - "Pasco 75 Gateway" is an opportunity to develop at the I-75 & Overpass Road interchange in Pasco County, FL. The land owned by Wildcat Groves inc. consists of 112.35± acres located on the east side of Interstate 75. The parcels are currently zoned Estate Residential (ER) with plans to rezone to CC-MPUD, a mixed-used plan proposing office, retail, health
care, and high density multi-family uses. The new interchange is under construction.

LOCATION DESCRIPTION - Located at the NEC of Interstate 75 & Overpass Road in Wesley Chapel, Pasco County, FL. Recent construction has begun on a new interchange at Interstate 75 and Overpass Road (known as Exit 284), bringing more connectivity to northeast Pasco cities, and opens up an east/west route to aid current and future developments in the area including Connected City and the Villages of Pasadena Hills.
The surrounding area is abundant with new residential developments currently underway including, Park Meadows along Old Pasco Road, Epperson Ranch and Epperson North (Crystal Lagoons) on Overpass Road, Mirada to the north, and Watergrass. Connected City include's Spectrum ULTRAFi and transformative amenities such as a 15-acre Crystal Lagoon.

PROPERTY SIZE - 112.35± Total Acres (77± Upland Acres) on east side of I-75

ZONING & FUTURE LAND USE
The current zoning is ER (Estate Residential) and the Future Land Use is EC (Employment Center). The key to entitlements is to opt into the Connected City plan. This should result in - a “CC-MPUD” zoning that is favorable to office, medical, high density multi-family uses as well as fast track approvals. The area is within the “South Innovation Zone” of Connected City. This is some of the most intense zoning in the County and is consistent with what one would expect or wish for at a gateway intersection off of a high-traffic interstate highway.

By opting into Connected City, there will be impact fee credits for the development of the new road alignment and construction of Boyette Road to connect to present-day McKendree Road to the North.

UTILITIES - A major Pasco County regional sewer treatment plant is located south of Overpass Road along I-75. Potable water is available along Overpass Road. Reclaimed water is adjacent to
the property.

PARCEL ID - 29-25-20-0000-00300-0000

Additional Details

Nearest MSA: Tampa-St. Petersburg-Clearwater
County: Pasco
Tax ID/APN: 07-26-20-0000-00100-0013

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,010 30,023 75,569
Median Age: 33.45 36.08 37.38
Households: 693 10,354 26,995

Contact

Photograph of Listing Agent

William A. Eshenbaugh

Eshenbaugh Land Company CE-FL Member
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