The 536-acre Behnke Ranch in Pasco County has sold for $21 million in November, 2013.
The land on State Road 54 was acquired by Hines, an international real estate firm with U.S. headquarters in Houston. The company said in a release that it will develop a “signature mixed-use, master-planned community.”
The Behnke family was represented by Prudential Commercial Real Estate FL.
The property is entitled for 550-single-family homes, 200 townhomes, and 440 apartment units. In addition, the development could see up to 300,000 square feet of commercial space and 530,000 square feet of office and light industrial space.
Design and permitting are underway, the company said, and construction is expected to begin early next year.
Original Article Can Be Found Here Tampa Bay Business Journal.