New Tampa residents can expect to see more development in K-Bar ranch, as two large land parcels on the property have recently been sold to developers.
According to Leonard H. Johnson, a partner with the law firm of Johnson, Auvil & Pratico, P.A., which handled the deal, the two pieces of land were purchased for a total of more than $7 million from Krusen-Douglas, LLC., which owns the 2,280-acre K-Bar Ranch.
Johnson says that M/I Homes and Lennar Homes, two national builders, each took a piece of the K-Bar property. Columbus, OH-based M/I Homes, which already has purchased and begun to develop 600 units in the Bassett Creek community of K-Bar, purchased 100 single-family home sites, while Miami-based Lennar Homes purchased 121 single-family home sites.
Both builders have plenty of experience building and selling homes throughout the New Tampa, Wesley Chapel and Tampa Bay areas.
“It took about five months to get the deal done,” Johnson says. “That shows how much interest there was in this site. (The builders) are excited to be there.”
Johnson says several other builders also were interested in the property and even submitted proposals, but M/I and Lennar’s offers were the ones that ultimately sealed the deal.