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Thursday, Apr 17, 2014
Northeast News

Construction begins on final phase of Cory Lake Isles

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NEW TAMPA Construction workers are clearing an undeveloped site in Cory Lake Isles to build 115 single-family houses that will be priced to attract more young families to the affluent development.

“It is happening,” Kolter Land Partners President Jim Harvey said this week. “It took a little while to get everything arranged, but we are getting the property ready for sales.”

Since the mid-1980s, Cory Lake Isles has earned prominence as a stately gated enclave, securing some of northeast Tampa's most lavish homes.

Now a plan is under way to introduce smaller, more affordable houses to the 600-acre subdivision tucked in the southwest corner of Cross Creek Boulevard and Morris Bridge Road.

Kolter Land Partners, a Florida-based developer, has hired Ryan Homes to build a new neighborhood called Capri Isle. It will feature 115 one- and two-story houses on a small parcel north of Cory Lake Boulevard near the Morris Bridge Road gatehouse.

Ryan plans to build two model homes when crews finish clearing the site.

Harvey envisions a cozy neighborhood with three- and four-bedroom houses ranging from 1,700 square feet to 2,800 square, he said. Home prices were not available.

A Ryan Homes representative was unavailable for comment.

The lots will be 45- to 50-feet wide by 90-feet deep, compared to properties in other parts of the community which average about 70-feet wide by 120- to 125-feet deep, Harvey said.

Capri Isle will be the first major home construction project in the subdivision in some time.

The property spans the 27-acre Cory Lake Isles Phase 7 site in the secluded lakefront community developed by Gene Thomason, a lifelong Tampa resident. He bought the 600-acre tract in 1970 and began to transform it to look like a tropical oasis a decade later.

Designed for 800 homes, Cory Lake Isles is an island-themed haven with homes surrounding a 165-acre man-made lake complete with imported sand on a lakefront beach. Brick streets, tropical landscaping, and 17,000 acres of forest and wildlife preserve areas add to the amenities.

Thomason, who lives in Cory Lake Isles, planned to build townhouses where Capri Isle will be located.

Thomason sold the land to Avatar LLC several years ago in hopes it would complete the townhome project. Avatar fell behind in tax and bond payments tied to the property owners.

Kolter Land Partners assumed the debt, and company officials hammered out a deal with Hillsborough County to cover the unpaid taxes. Kolter found a company to buy the delinquent bonds and negotiated an agreement with Cory Lake Isles residents to resolve their debt obligations in connection with the defaulted bonds.

In turn, Kolter recently took ownership of the Phase 7 site to develop it.

Harvey expects Cory Lake Isles residents will love the new neighborhood when the homes are completed.

“We are looking for a mixed of styles (in Capri Isles), so it won’t look cookie-cutter,” Harvey said.

kknight@tampatrib.com


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