LAND O' LAKES, FL—Wood Partners reports it has broken ground on Alta Terra Bella, a 19-acre luxury rental community that when built out will feature 311 garden apartments in 14 three-story buildings.
The suburban Tampa development is expected to draw considerable rental interest since the region has seen considerable capital investment in recent years, Wood Partners states in an announcement.
Construction is projected to be complete in May 2016, and leasing is expected to begin in September 2015. Wood Residential Services, Wood Partners' property-management division, will manage the Alta Terra Bella development.
“As the Tampa Bay area continues to experience robust employment and income growth, especially in the hospitality, financial and business services industries, Pasco County will continue to grow,” says David Thompson, development director for Wood Partners in Florida. “Alta Terra Bella is ideally located near top schools and provides convenient interstate access to employers throughout the Tampa area.”
Charlan Brock & Associates designed the community, which will include 339,301 square feet of rentable space and an 8,939-square-foot clubhouse with a community room, fitness center, kids' playroom, Wi-Fi café and a summer kitchen overlooking the swimming pool. The community will have 633 surface parking spaces, including 76 attached and detached garage spaces available for rent.
Surak Engineering is the civil engineer, Libra Design Group is the landscape architect and Wood Florida Builders is the contractor for the project. PNC Bank was the seller for the deal, brokered by Bruce Erhardt of Cushman & Wakefield. NXT Capital and EIG Euroinvestor are the equity partners. Synovus Bank is providing the construction loan for the development.
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