A Fort Lauderdale real estate developer has acquired just under 25 acres in Pasco County for a future retail project within a master-planned community.
Stiles acquired the property from Zephyr Egg Co. located at the southwest corner of State Road 56 and Morris Bridge Road in Wesley Chapel for $12.5 million. The developer is planning to use the land for a new retail project within River Landing.
“Wesley Chapel continues to rank among the fastest-growing submarkets in one of Florida’s most dynamic counties,” Austin Freedman, senior director of retail development for Stiles, said in a release. “This acquisition aligns with Stiles’ long-term investment strategy and reinforces our commitment to delivering high-quality retail destinations that serve rapidly expanding residential communities.”
Nancy Surak with Land Advisors Organization’s Tampa Bay office represented Stiles in the transaction and was the sole broker involved.
“Working with the Stiles retail team was highly collaborative,” Surak said in the release. “We identified this site as a rare opportunity that combines visibility, access and proximity to a high-growth area, positioning the project for success. This transaction reflects continued demand for well-located retail sites that will deliver long-term value for the community.”
River Landing is an approximately 800-acre master-planned development. The project sits adjacent to the Two Rivers master-planned community, which is expected to deliver approximately 7,500 homes at full buildout, further strengthening long-term demand for quality retail in the area, according to the release.
Upon completion, the project is expected to generate several hundred permanent jobs, contributing to the local economy and supporting continued growth in the Wesley Chapel region, the release added.
The master-planned community has continued to progress with more residential and retail developments. Plans were filed last month for a nearly 171,000-square-foot Walmart Supercenter. It will also feature a 10-pump fuel station and a 1,618-square-foot convenience store. This would be the second Walmart in Wesley Chapel.