30 ac for 570 Apts SR 56 & US 301

Vacant Land for Sale
Sale Pending
Catylist Listing ID: 30792575
Property Subtypes: Multi-Family
Status: Pending
Gross Land Area: 30 Acres
Sale Price: $28,500,000
Unit Price: $950,000 Per Acre
In Opportunity Zone? Yes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/12/2022

Overview / Comments

PROPERTY DESCRIPTION - The opportunity is to acquire up to 30 acres planned for 3-story apartments totaling 570 units along the south side of SR 56 within the heart ofthe Two Rivers Ranch 3,400 acre master-planned community in Wesley Chapel, FL. The entire site is within a qualified opportunity zone. Theseller is in process of mitigating the wetlands and expects all wetland impacts by mid 2022. Water and sewer will be delivered to the site withadequate capacity. The site is not within any CDD or HOA and therefore is stand alone without access to any of the Two Rivers Ranch plannedcommunity amenities. Due to the highly prominent location, the Seller will require architectural control of the elevations to be developed in a first-class manor with a requirement for mature landscaping to be part of the project. The site is being offered with a metes and bounds legaldescription and WRA is the engineer of record. Seller has all due diligence available for review upon request. Horizon Wiregrass is the mostrecently completed apartment project in this sub-market and is getting $2.31 rents per Apartments.com. Seller would consider subdividing theparcel parcel into 2 sales, but will not offer any option or ROFR on the second parcel. There is no co-broke offered on this listing. Buyer must paytheir broker.

LOCATION DESCRIPTION - The property is located within the Two Rivers Ranch Master Planned Community on the newly extended State Road 56 in Wesley Chapel, FL. Thesite is on the south side of SR 56 at a proposed future lighted intersection between Morris Bridge Road and US 301. It is approximately 10 mileseast of I-75 and 20 miles from The University of South Florida Campus. Two Rivers Ranch is a 3,400 acre master planned community planned forover 6,000 residential units, 630,000 SF of retail, 246 acres of conservation, 80 acres of parks and schools and over one million SF of targetedoffice/industry uses. All of the single family residential lots are spoken for and the estimated average single home price is expected to be in the$600,000's.

PROPERTY SIZE - 30.0 Acres

ZONING - MPUD- 570 Apartment Units limited to 3 story height limitation

Additional Details

Nearest MSA: Tampa-St. Petersburg-Clearwater
County: Pasco
Tax ID/APN: 28-26-21-0000-00100-0010

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,560 21,953 55,550
Median Age: 57.62 56.53 51.65
Households: 920 10,108 24,447


Photograph of Listing Agent

William A. Eshenbaugh

Eshenbaugh Land Company CE-FL Member
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