TAMPA, FL—Hines just bought the 536-acre Behnke Ranch property in Tampa. The international real estate firm plans to develop a signature mixed-use, master-planned community on the site. The Behnke family sold the property to Hines for an undisclosed amount.

The property is located on State Route 54 in Pasco County, one of the Tampa Bay area's most active suburban growth corridors, about 20 minutes from Tampa's Westshore submarket and the Tampa International Airport. The new development will be highly visible due to its mile-long frontage on SR 54.

"Behnke Ranch was one of the most exciting large tracts of land available in the Southeastern United States, and it presents a terrific opportunity for a large-scale, high-quality master-planned community," says Hines managing director Lane Gardner. "Tampa has bounced back swiftly with positive job growth creating significant demand for commercial space, quality single-family housing and apartments. We look forward to meeting this demand by delivering a highly sustainable, mixed-use development."

The property has approved zoning and entitlements in place for the construction of 550 single-family homes, 200 townhomes, 440 multifamily units, 300,000 square feet of commercial space, and 530,000 square feet of office/light industrial space. Design and permitting are underway, and construction activities are expected to begin in early 2014.

As master developer, Hines will manage the design and development of the community master plan, including the residential neighborhoods, community amenities, parks, primary infrastructure, as well as the community branding, marketing, and the sale of residential lots and commercial parcels within the community. Prosser Hallock of Jacksonville, which also worked with Hines on its award-winning Palencia community in St. Augustine, FL, is providing master-planning services. Tampa-based Florida Design Consultants is providing civil engineering, survey, and permitting services.