Terrabrook officials couldn't be reached at GlobeSt.com's publication deadline to learn the price of the Conner Ranch. But area brokers familiar with the central Pasco County market tell GlobeSt.com on condition of anonymity the dirt has an estimated market value of at least 25 cents per sf or $10,890 per acre.
That would put the land deal at about $87 million and make it one of the largest land acquisitions in Central Florida in the last decade.
Terrabrook's planned Connerton DRI project is expected to have at least 200,000 sf of retail and office, according to the company's prepared statement. Development of the 15-year project is expected to begin in late 2003 on a community planned for 20,000 residents.
At least 3,700 acres will be used as a nature preserve and outdoor recreation area. That will leave 4,300 acres for development. The site is between the Suncoast Parkway and Interstate 75 and is bordered by State Road 52, U.S. 41 and the Ehren Cutoff.
In the prepared statement, Richard A. Mildner, Terrabrook vice president/general manager, Southeast region, says the buildout of northern Hillsborough County and the completion of the Suncoast Parkway is prompting the area's workforce to search for live-work locations further north in the Tampa Bay area. That places the Connerton venture in the direct path of growth, Mildner says.
The first phase envisions 3,000 homes priced from the low $100s to $400,000-plus. The price range includes the cost of the lot. Connerton will be Terrabrook's fourth Tampa Bay area community. The others are Westchase in northwest Hillsborough County; MiraBay, a planned $400 million waterfront community in south Hillsborough; and Rivercrest in the same area.
Terrabrook developed Reston Town Center in Virginia; Windward in Georgia; and Stonebridge in Dallas.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.