TAMPA, Fla. – The Houston-based Hines real estate firm has acquired the 536-acre Behnke Ranch property in Tampa where it will develop a signature mixed-use, master-planned community.
The property has approved zoning and entitlements in place for the construction of 550 single-family homes, 200 townhomes, 440 multifamily units, 300,000 SF of commercial space, and 530,000 SF of office/light industrial space. Design and permitting are underway, and construction activities are expected to begin in early 2014.
“There is nothing more exciting and rewarding than planning and creating an entire new mixed-use community for future generations,” said Hines founder and chairman Gerald Hines. “We take that responsibility very seriously.”
The property was purchased from the Behnke family, which was represented in the transaction by Prudential Commercial Real Estate FL. The property is located on State Route (SR) 54 in Pasco County, one of Tampa’s most active suburban growth corridors, approximately 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,” noted 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.”
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, who also worked with Hines on its award-winning Palencia (www.VivaPalencia.com) community in St. Augustine, FL, is providing master-planning services. Tampa-based Florida Design Consultants is providing civil engineering, survey and permitting services.
Hines has maintained an active land development platform for more than four decades, and has master planned and developed approximately 36,800 residential units encompassing more than 12,000 acres of land. Several high-profile master-planned Hines communities in the U.S. include: Palencia in St. Augustine, FL; Somerset Green in Houston; First Colony in Sugar Land, TX; Las Colinas in Irving, TX; Cool Springs in Franklin, TN; Aspen Highlands and Five Trees Aspen, CO; and Deerfield in Atlanta, GA. Currently in the Southeast Region, Hines is developing the 2,400-acre Palencia; Azure, a 308-unit multifamily community in Carillon Park in St. Petersburg, FL; as well as Ponce & Bird, a 276-unit residential complex in Miami.