A massive mixed-use development with industrial, office, retail and multifamily residential space planned for about 300 acres in Pasco County, Fla., is moving forward after the two recent milestones—the acquisition of the vacant land east of Interstate 75 in San Antonio, Fla., and the rezoning of about 245 acres of the site.
Known as Abbey Crossings, the project is being developed by Abbey Development Partners LLC, a Tampa, Fla.,-based group owned and operated by developer Kenneth Morin and attorney Bryan Skyes, principals in Legacy Development Partners LLC, along with Bones Investment Group.
The developers are planning 600,000 square feet of light industrial, 400,000 square feet of office and 400,000 square feet of commercial and retail uses, as well as up to 1,000 multifamily units. The development site is on the south side of County Road 52, intersecting with McKendree Road. Construction is expected to begin in May 2024.
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The purchase price for the site was not disclosed nor were the property owners, according to the Tampa Bay Business Journal.
The business journal noted the northern part of the development site—about 85 acres—has been approved for construction of approximately 500,000 square feet of warehouse and distribution facilities.
County approves rezoning
Last month, the Pasco County Commission approved a request from Jeffrey and Margaret Hust to rezone about 245 acres for the Abbey Crossings development from agricultural and commercial uses to a master-planned unit development (MPUD). The county commissioners signed off on the rezoning nearly two months after the Pasco County Planning Commission approved the rezoning request for the mixed-use site.
The property is within the boundaries of Connected City, a state plan adopted by Pasco County in 2017 in partnership with Metro Development Group, which will build a smart city connected by technology and designed for a live-play-work environment. Property owners that opt into Connected City have more flexibility in their land uses and can receive additional incentives to receive mobility fee credits and other perks like an expedited review process, according to The Laker/Lutz News.
One of the variances that was approved as part of the rezoning process will allow the Abbey Crossings developers to reduce the parking requirements for the multifamily apartments. According to the resolution approved on Oct. 10 by the county commissioners, the reduction meets the intent of the Connected City overlay by promoting alternate methods of transportation and having more space for parks and open spaces.
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In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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Read MoreDevelopment, Industrial, Mixed Use, News, Southeast, Legacy Development Commercial Property ExecutivePlans call for industrial, office, retail and residential uses at a more than 300-acre site in Pasco County, Fla.
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