WESLEY CHAPEL — Wesley Chapel is about to experience a housing boom it hasn’t seen since the 2008 financial crisis as construction gets underway on residential projects that were on the shelf for years.
The building and permitting activity spans all markets, from single-family homes to townhouses to apartments.
A.G. Spanos Corporation recently broke ground on Bonterra Parc, a 264-unit luxury apartment complex on State Road 56 in Northwood. Florida Division Manager Hardy Gillespie said the $20 million complex will appeal to young professionals and seniors alike because each building will be equipped with elevators.
A.G. Spanos has developed 20 multifamily projects in Florida, including two in Wesley Chapel.
“We built the complex adjacent to this one, and we did Arlington at Northwood, right across S.R. 56,” Gillespie said. “We no longer own them. What we build, we usually sell to pension funds. So we’ll operate this complex until the right buyer comes along.”
The apartments at Bonterra Parc will feature high-end finishes, such as wood-like floors, stainless steel appliances and granite counters, placing it “a couple of notches above those two,” Gillespie said.
Meanwhile, Taylor Morrison is currently building the 202-home Arbor Woods subdivision immediately behind Bonterra Parc.
KB Homes broke ground earlier this month on “The Woodlands,” a 43-home subdivision on Wesley Chapel Boulevard. The builder paid $995,000 in December for the 11-acre tract that borders the Stagecoach townhouse community.
“We anticipate pricing to be in the mid-$200’s,” spokeswoman Kara Cane said. “We will be building one model home and anticipate to start that in June with a grand opening in late summer.”
Site development is well underway for Standard Pacific Homes’ Estancia subdivision in Wiregrass Ranch. The developer paid nearly $25 million for the 675-acre tract just north of Florida Hospital Wesley Chapel. Standard Pacific plans 1,180 single-family homes in four neighborhoods inside the community.
MI Homes is also in discussions to build a 220-unit townhouse community on Mansfield Drive, across from Wiregrass Ranch High School. Lennar Homes is also planning a townhouse community in Meadow Pointe, although the builder has not released details of the project.