TAMPA — An 86-acre piece of pasture land at a busy Brandon intersection looks destined to become a new housing development.
An Oviedo developer called Sun Terra Communities and its New York-based partner, JEN Partners, purchased the land at the northeast corner of Lithia Pinecrest and Lumsden roads from an entity called Cardanell Farms II LLC. The purchase price was $12.4 million, according to Hillsborough County land records.
The land is unusual because it sits in such a heavily developed part of Brandon, but had an agricultural classification and was used as pasture land.
“It’s just one of those things where the owner decided to sell,” Sun Terra executive John Kraynick said.
Sun Terra will develop 300 single-family housing lots on the property, and has a contract in place to sell it to Tampa-area homebuilder Homes by WestBay.
In turn, Homes by WestBay hopes to build an upscale, gated community there with 300 homes, Homes by WestBay President Willy Nunn said. Prices will start around $250,000 for a home and go up to $700,000, he said.
Nunn called the plot of land a “crown jewel” in local real estate.
“I have been part of four companies that have tried to buy that property,” including his current company, Nunn said.