Privately owned real estate firm and sponsor to non-traded REITs and BDCs, Hines, announced yesterday that it has acquired a 536-acre property in Tampa, Florida known as Behnke Ranch. The company intends to develop the property into a mixed-use, eco-friendly community that will include retail, office, multi-family, and a variety of single-family residences. The property will be renamed Asturia and will include amenities such as a playground, hiking trails, picnic areas, and a swimming pool, among others.
The community has been approved for zoning and entitlements for the construction of 550 single-family homes, 200 townhomes, 440 multifamily units, up to 380,000 square feet of commercial/office space, and 350,000 square feet of office/light industrial space.
Hines also revealed that the builders of the single family homes in the community will include Ashton Woods Homes and David Weekley Homes, both known for energy efficient and eco-friendly houses. The two companies are among the largest private homebuilders in the country. The builders will provide families with several options in regards to home style and price point, with the first phase of homes expected to be available in the spring of 2015.
“Asturia presents a terrific opportunity for a high-quality, mixed-use master-planned community, and we are pleased that we are partnering with Ashton Woods Homes and David Weekley Homes. Both are best-in-class, award-winning builders who will bring great architecture and innovative design to the development,” noted Hines Managing Director Lane Gardner.
“Ashton Woods is very selective about where we build homes. Asturia’s location in Pasco County, the community design and Hines’ reputation and development expertise are the right fit for us and our future homebuyers,” stated Ashton Woods Florida Division President John Reny. “We are thrilled to partner with Hines and be a part of Asturia,” added David Weekley Homes Tampa Division President Mark Thomas. “This is going to be a beautiful master-planned community, offering wonderful amenities for homebuyers and Tampa-area residents.”
In addition, Hines has already begun marketing the retail, office, and multi-family sites to developers, retailers and end users. The property is centrally located on SR-54 and is close to the Suncoast Parkway, Hwy 41, Hwy 19 and I-75, the Tampa International Airport, and the Westshore submarket. Hines expects the location will attract national retailers, corporate office users, as well as garden-style apartment developers to Asturia.
Hines will maintain the role of master developer of the community and manage the design and development of Asturia’s amenities, parks, branding, and marketing, in addition to much more.