Wiregrass Ranch deal begins to fray

WESLEY CHAPEL -- A corporation's plan to remake Wesley Chapel's Wiregrass Ranch into a community of homes, businesses and schools appears to have come unglued.

Core Communities Inc., a branch of Fort Lauderdale's BankAtlantic Bancorp Inc., had signed a tentative letter of agreement to pay tens of millions of dollars to ranch owner Don Porter and his family.

The 5,000-acre ranch, the most sought-after undeveloped land in quickly suburbanizing central Pasco County, sprawls southeast of State Road 54 and Bruce B. Downs Boulevard.

Responding to rumors that Core Communities no longer would buy the ranch, Core spokesman Dan Ward suggested the deal had descended into legal squabbling with the Porters.

Developers had been performing due diligence on the land with the hope of building what they called a "total living environment" blending thousands of homes with schools, recreation, commercial centers and offices and industry.

"The only answer I can give you is we can't comment on matters that may involve litigation," Ward said Friday.

Porter declined to comment on talks with Core and said negotiations with potential developers were not newsworthy. "I won't confirm whether we are still negotiating or not," Porter said Friday.

Core's interest in the Wiregrass Ranch had raised hopes for Pasco officials worried about the plethora of homes but dearth of businesses in the county.

The company's premier project is St. Lucie West, a 4,600-acre development in east Florida that strives to be self-sufficient by intertwining its 4,000 homes with 150 businesses employing about 5,000.

Pasco's property appraiser estimates Wiregrass' market value at $42-million, but Core had expected to pay the Porters much more than that.

Porter said that negotiations are by definition tortuous and that it's jumping the gun to reveal the names of potential buyers before a final contract is signed. "In today's world, it's a long path from first kiss to the wedding altar," he said.

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