591+- Acres Mixed Use

Vacant Land for Sale
Sale Pending
Catylist Listing ID: 28553534
Property Subtypes: Multi-Family, Residential (Single Family), Retail-Pad
Status: Pending
Gross Land Area: 591 Acres
Sale Price: $12,000,000
Unit Price: $20,304 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/12/2022

Overview / Comments

The subject consists of 886± acres with 315’ of U.S. Highway 19 frontage. It is located on U.S. Highway 19, north of State Road 50 and Hexam Road, Hernando County, FL. The site is currently zoned under a Development of Regional Impact (DRI).
It is one of the largest countywide tracts for residential development in this area.

Location: The subject property is located on the east side of U.S. Highway 19 about 3.5 miles north of State Road 50 in western Hernando County, Florida. The location is about fifty miles northwest of downtown Tampa via the Suncoast Parkway and
S.R. 50 also known as Cortez Blvd. and is well served with retail including a Publix grocery, Bealls, restaurants, drug stores and a regional hospital. The surrounding area consists of a mixture of agricultural land, transitional land and singlefamily
housing and mobile homes with typical retail along S.R. 50 and the Suncoast Parkway exit.

Size: 591± acres - 1/3 sold in 1st Takedown

Access: Eight access points along U.S. 19, Hexam Road, Weeping Willow Road (extension), and Star Road will serve the Lake Hideaway DRI. Final project access points are yet to be determined based on FDOT and Hernando County access management criteria and review. However, each of these access points will provide a full set of vehicle movements. The project is uniquely situated to take full advantage of the existing roadway network. These existing and additionally planned roadways will serve the project with acceptable levels of service through existing design or through programmed or planned improvements.

Zoning: 503 acres for 2,400 single-family, 160 acres for 1,300 multi-family, 20 acres commercial, 20,000 square feet office. The single-family density is 4.77 units/acre and the multi-family is 8.13 units/acre.

Takedown: 295 ac sold 10/202/1 for $6,000,000 - Two remaining takedowns

This listing has a variable rate commission.

Additional Details

Nearest MSA: Tampa-St. Petersburg-Clearwater
County: Hernando
Tax ID/APN: R15 422 17 0000 0010 0010
Market Type: Medium
Property Located Between: US 19 & Cortez, SR 50 near Veterans
Side of Street: East
Road Type: Highway
Property Visibility: Excellent
Largest Nearby Street: US 19
Transportation: Highway
Highway Access: US 19, hwy 50, near Veterans Expressway to Tampa
Site Description: Rolling oaks, seasonal lake
Area Description: Close to primary retail, roads, and hospital. Ideal age targeted community
Zoning Description: DRI for over 2900 res units, plus multifamily , retail
Topography: Rolling
Easements: Electric Lines, Water Rights, Utilities
Soil Type: Sandy
Available Utilities: Electric, Water, Gas, Sewer, Cable

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,832 20,251 57,043
Median Age: 46.61 51.37 47.23
Households: 1,508 8,768 23,291


Photograph of Listing Agent

William A. Eshenbaugh

Eshenbaugh Land Company CE-FL Member
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