Terra Bella project gets started at last

The development will include apartments, houses, medical offices and a minimall.

By CHUIN-WEI YAP
Published June 17, 2007

LAND O'LAKES - It took Flagship Development LLC almost three years from the time it made its first proposal.

But now, the trees are down, the ground is cleared and work is finally under way at the 205-acre development called Terra Bella at State Road 54 and 20-Mile Level Road.

By March 2008, the developer based in Orlando hopes to have 311 apartments and 250 houses on the ground. McCar Homes is the project's builder.

"It's a year behind schedule, but we're glad to be here, " said Ron Roberts, the Flagship vice president running the project.

For about eight months, Flagship was delayed by discussions with Pasco County officials as it worked out access issues.

Launching a home-building project during a residential market slowdown might seem odd.

But Roberts said Flagship is banking on the appeal of the proposed apartments in a climate of tightening bank credit.

"From a rental standpoint, demand is pretty high, " he said. "Even with the slowdown, a good location and good price still gets a fair share of demand."

Flagship is not alone in thinking this way.

Farther east, on State Road 56, Greystar of Houston got approval to build 488 apartments on Cypress Creek Road. The rancher Hank King is proposing 548 on his property nearby. Spanos Corp. plans 311 apartments on 26 acres at Northwood Palms Boulevard, off Bruce B. Downs Boulevard.

Terra Bella will also feature a 20, 000-square-foot physicians' clinic and a 32, 000-square-foot minimall.

Florida Medical Clinic is a 14-year-old chain providing a range of services, like X-ray, cardiology and orthopedics. Mall tenants are not confirmed, but Roberts said it would be a mix of restaurants and retail.

Chuin-Wei Yap can be reached at 813 909-4613 or cyap@sptimes.com.

[Last modified June 16, 2007, 19:44:41]