A significant swath of prime real estate in Pasco County on State Road 56 has changed hands after years of delay. The sale likely will mean construction of up to 260 homes and an elementary school.
The Arbor Woods project will be on the south side of S.R. 56 between Interstate 75 and Bruce B. Downs Boulevard.
The parcel sold recently for $3.75 million.
"I think this is a clear sign the residential market is back," said Bill Eshenbaugh, who brokered the deal and just Friday rode horses on the property.
The Woods family of Pasco had held the property since the 1950s, he said, and it will be developed by Taylor Morrison of Florida Inc., with construction possibly starting in January.
Plans also call for extending Northwood Palms Road to connect with S.R. 56 at a traffic signal and for roundabouts to help limit the speed of traffic.
Pasco officials said the elementary school likely would have a capacity of about 700 students.