The county has seven of the top 10 residential developments in the Tampa Bay area, according to a recent study.
By JAMES THORNER
Published May 2, 2003
MEADOW POINTE - Homebuilding is reaching a plateau in the New Tampa community of Meadow Pointe, with other Pasco communities reporting more new construction.
From April 1, 2002, to March 31, 2003, Trinity built 496 homes, followed by Oakstead at 403 and Meadow Pointe at 388.
The statistics, released by the Metrostudy real estate research firm, showed Pasco having seven of the top 10 residential developments in the Tampa Bay area.
"Historically Meadow Pointe has been at the top," said Tony Polito, director for Metrostudy's local office. "Part of the reason it's no longer first is the supply of lots. It's sold so fast they're moving to new phases of Meadow Pointe."
Most of Pasco's growth swaddles the State Road 54 corridor. In the past year, Metrostudy measured 4,446 housing starts from Key Vista in Holiday to Lake Bernadette in Zephyrhills.
Pasco saw a 30 percent jump in housing starts, to 5,312 units, from the first quarter of 2002 to the first quarter of 2003, Metrostudy reported. Most homes fell into the $110,000 to $200,000 range.
Trinity, developed by Adam Smith Enterprises in west Pasco south of SR 54, has drawn both retirees and suburbanites who commute to jobs in Tampa and St. Petersburg.
Oakstead, north of SR 54 in Land O'Lakes, and Meadow Pointe, south of SR 54 in Wesley Chapel, are both projects of Devco Development Co. Both neighborhoods are hot with younger families.
Lexington Oaks, Pulte Homes' golf course community northwest of Interstate 75 and SR 54 in Wesley Chapel, was Pasco's next best seller at 334 homes.
"It's land availability," Polito said is assessing Pasco's strength. "Pinellas is virtually developed. Northwest Hillsborough is mostly developed. You've got the Suncoast Parkway there now. You've got State Road 56 there now."
Also stimulating the housing market is low interest rates and Tampa-area job growth that has bucked national unemployement trends. The Pasco-Hillsborough-Pinellas region added 13,600 jobs over the past year, according to Metrostudy.
Like most housing industry watchers, Polito predicts a booming brick-and-mortar future for Pasco. Of the 100,000 proposed lots his company is tracking in the region, half are in Pasco.
Up-and-coming engines of housing growth include U.S. Home's Heritage Trace project, 1,599 homes northwest of U.S. 41 and SR 54 in Land O'Lakes, and Connerton, 9,000 homes in northern Land O'Lakes. Farther east, in Wesley Chapel, is Seven Oaks, which has its first 3,500 homes in the ground between I-75 and Bruce B. Downs Boulevard.
- James Thorner covers growth and development in Pasco County. He can be reached at (813) 909-4613 or toll-free 1-800-333-7505, ext. 4613. His e-mail address is thorner@sptimes.com
