More development is in store for New Tampa’s K-Bar Ranch, located just south of Wesley Chapel, as two large land parcels on the property have recently been sold to residential 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 already had begun to develop 600 units in the Bassett Creek community of K-Bar, and has now 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. “(The builders) are excited to be there.” He adds that several other builders also submitted proposals.