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Upscale Waterchase along Race Track Road is a classic example of the demand for housing in northwest Hillsborough.
By JOSH ZIMMER, Times Staff Writer
© St. Petersburg Times, published January 4, 2002
KEYSTONE -- Tom Spence drives south a quarter mile on Race Track Road and turns right over a dirt-encrusted bridge crossing an empty lake bed.
In less than a year, water will fill the basin and spout out of brick columns in a dramatic, lushly landscaped introduction to the upscale Waterchase development. Despite a recession and a war against terrorism that has not helped the economy, Taylor Woodrow Communities continues its rapid building here to the tune of $18-million so far, Spence, the project director, said during a recent tour.
Calling the Florida housing market somewhat insulated from downturns, he said, "obviously we talked to our eight builders and they really didn't feel an impact. It . . . slowed and picked right up."
But talk of builders is a bit premature at Waterchase, where model homes are only beginning to rise on a dirt-filled, 600-acre landscape dotted with 15 manmade lakes and ponds.
The infrastructure for phase I, a 265-home project, is almost complete, Spence said. Roads are paved and curbed. Utility lines, except for gas and power, are up. Spence envisions much more, however, as the company gears toward a June grand opening. By then the entrance, recreation center and new sales office will be finished.
Another feature, which he expects to be a big selling point, will be a main boulevard lined with dozens of grand oaks. A year ago the company began spending $500,000 to dig up, preserve and then replant the old trees. Spence estimates that 75 of the trees are 25 years or older and that 150 trees are between 10-15 years old.
"We'll have all of them planted by June," he said.
The overall plan calls for nearly 800 homes and townhouses with prices ranging from $155,000 to $800,000. The builders, who will be selling the lots, have already taken 25 reservations from potential buyers, including a couple of signed contracts.
Marvin Rose, president and owner of Rose Residential Reports in Tarpon Springs, said developer Taylor Woodrow has a good reputation and has chosen good builders.
"I think they'll do great," he said. "The Tampa Bay housing market is still very strong. And its location is excellent. Northwest Hillsborough County has long been one of the preferred (subdivision) markets in the area; some of the highest prices and tight supply."
- Josh Zimmer covers Keystone and the environment. He can be reached at 269-5314.