12606 SHADY HILLS ROAD, Spring Hill, FL, 34610, US

Serenova Land

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Serenova (the “Property”or “Site”), a ±17.69-acre development site located in Pasco County, Florida, a rapidly growing suburb of Tampa which has experienced 28.8% population growth over the past 10 years, characterized by an affluent resident base with an average household income of $113,298 within a one-mile radius. Ideally located off the Suncoast Parkway and State Road 52, the Site is within immediate proximity of Pasco County’s top retail and employment destinations and offers convenient access to Tampa’s Westshore Business District. The Site is strategically located just two miles from Angeline, a brand-new 6,200-acre mixed-use, master-planned community that will feature 7,500 single-family homes, up to 6M sq. ft. of commercial space, numerous parks and green space, and a crystal lagoon. Also within Angeline will be Speros FL, a transformative undertaking that will serve as the home to Moffitt Cancer Center’s Global Innovation Center, a 775-acre, 16M sq. ft. research campus that will have an estimated 14,000 employees by completion. With site plan approval in place for 238 multi-family units, the Site represents an opportunity for a developer to quickly break ground in order to take advantage of the unprecedented growth coming to the immediate area.

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Attributes

Land area gross

7.16 ha

Media

Investment highlights

Institutional Quality Community with Site Plan Approval in Place

The Site possesses Master Planned Unit Development (MPUD) zoning, with an approved site plan which allows for 238 units across a combination of six four-story elevator-served buildings and one two-story townhome building with units averaging 1,311 sq. ft. along with an 8,070 sq. ft. clubhouse and resort-style pool. This allows a developer to deliver a project with meaningful scale in one of the nation’s most rapidly growing markets.

High-Growth Economy

After nearly doubling its resident base since the start of the century, Pasco County has been focused on attracting employment to the area to shift from a commuter market to a destination where its residents can live, work, and play. These efforts have been exceedingly successful with a number of large-scale employers in healthcare, logistics, and financial services setting up shop in Pasco County. The most notable recent announcement is that of Moffitt Cancer Center, one of the nation’s premier cancer research institutions, which recently broke ground on Speros FL, a 775-acre research campus that will employ 14,000 people at full build-out. The Site stands to benefit from this massive project, owing to its location just minutes from the new campus.

Exceptional Apartment Fundamentals

West Pasco County’s multifamily market has witnessed an impressive 47% rent growth over the past five years (according to Axiometrics), placing it among the nation’s most robust growth markets. Rents are projected to grow by 5.8% on average over the next 5 years, reaching 29.3% by the end of 2028. Additionally, occupancy rates in Pasco County are projected to maintain in mid 90%’s, complementing the area’s remarkable historical rent growth.

Strategic and Convenient Location

The Property occupies an excellent location in close proximity to numerous “recession-proof” anchors that support constant demand, including hospitals, schools, and recreation. The Property is located just north of SR-52 and the Suncoast Parkway, and provides convenient access to Tampa to the south, Wesley Chapel to the east, and New Port Richey and the Gulf of Mexico to the west, all within a 20-minute drivetime. Additionally, the Site is less than 5 minutes from Publix, River Reserve, and Angeline, and approximately 30 minutes from both the Westshore Business District (102,0000 employees) and Downtown Tampa (71,000 employees), employment nodes that also offer a plethora of shopping and entertainment options along with the MSA’s finest dining options.