DHI Communities, the multifamily division of national homebuilder D.R. Horton, has purchased 34 acres of land in Pasco County for $9.5 million. The parcel, which is being planned as a residential development, is located in Wesley Chapel, just north of Wesley Chapel Boulevard, between Old Pasco Road and Oakley Boulevard.
At the site, DHI Communities plans to develop an $80-million residential community called Grove West, which is zoned for 330 apartment units and 82 for-sale townhomes. The apartment community, to be named Ascend at Grove West, will be DHI Communities’ first multifamily project in the Tampa Bay area.
Mark Eilers of Colliers International represented the buyer in the transaction, while Jim Krivacs with Procorp Realty represented the seller, Second Base Holdings, LLC.
“Developers are taking every opportunity to develop along the State Road 54 corridor,” said Eilers, Executive Managing Director, Land Services at Colliers. “This is a great location for DHI Communities to enter the Tampa Bay market, due to its superior access to State Road 54 and Interstate 75, proximity to major employment centers and walkability to nearby retail and restaurants.”
The Grove at Wesley Chapel, a 471,000-square-foot retail center, is adjacent to the parcel, and future commercial development is planned for outparcels in front of the Grove West residential community.
The garden-style apartment community Ascend at Grove West will feature Class A amenities, including a large resort-style pool, fitness center, cyber café, yoga lawn, dog parks, walking trails and park spaces. The 330 units will include a mix of one, two and three bedrooms.
D.R. Horton’s homebuilding division will develop the 82 for-sale townhomes. Grove West represents D.R. Horton’s first partnership between its homebuilding division and its apartment division.
Construction for both the apartment and townhome communities is expected to begin in April. DHI Communities leaders expect to begin leasing apartment units in Ascend at Grove West in the second quarter of 2022. The townhomes are expected to be delivered in early 2022.
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