A national builder has closed on a giant swath of land in Pasco County that’s entitled for more than 1,500 homes.
Taylor Morrison Homes paid $23.5 million for a 750-acre parcel at 2727 Morris Bridge Road in Wesley Chapel in a deal that closed Dec. 20. The seller was Zephyr Egg Co., according to Pasco County property records.
The extension of State Road 56 bisects the property, which is one of the last large-scale undeveloped parcels remaining in Wesley Chapel, which has seen an explosion in both residential and commercial development in recent years.
A team of brokers from Berkshire Hathaway HomeServices’ Tampa Bay land team — Dewey Mitchell, Renee Dyer and Jill Carbonelli — represented the seller in the transaction. Bruce Erhardt, executive director of land brokerage at Cushman & Wakefield Inc. in Tampa, represented Taylor Morrison.
The deal was more than three years in the making for Berkshire Hathaway. It was 428 days from the time Berkshire Hathaway called for offers to a finalized sales contract and an additional 778 days until closing for the project to make its way through the re-entitlement process. The property was originally entitled for nearly 2,000 homes to be built in four phases. After accounting for more than 100 acres of wetlands, the BHHS team identified that 1,600 to 1,700 units was a “more feasible number,” Mitchell said.
The acreage is raw land, and Taylor Morrison will develop home sites on the property. Carbonelli said the project is permit ready.
A representative from Arizona-based Taylor Morrison was not immediately available for comment Friday. In the Tampa Bay area, Taylor Morrison is in 14 communities stretching from Bradenton to Pasco County. Its most prominent community here is the Cove at Rocky Point on the former A La Carte events pavilion property.