Pasco County

[TampaMike]

Developer invests $500,000 to get Main Street Landing project moving again
By Drew Harwell, Times Staff Writer
In Print: Thursday, July 15, 2010

NEW PORT RICHEY — Threats of a lawsuit, frozen negotiations, defaulted deals: The City Council and the developers of Main Street Landing have not had the cheeriest of working relationships.

So imagine the council's surprise Tuesday night when, in the middle of the city's depressing budget talks, developer Ken McGurn pledged $500,000 toward construction of the stalled downtown project by the end of the year — and to finish it soon after.

McGurn told council members he'd be putting at least another million dollars, much of it from his own pockets, into a site that stands now as a concrete shell with a chain-link facade. By January, he estimates the first building might have a roof. By next summer, it might even have a few tenants.

The $20 million, three-floor complex of townhomes, flats, shops and a restaurant will still need a lot of work — and a deep-pocketed financier — before it can get off the ground. The site's only standing building needs $3 million and months of work to reach completion. But McGurn said he's confident his initial investment will look like a smart gamble to lenders that could help free up credit — and provide a big future payoff for the project later.

"This project will not be finished within the next six months, but it will finish," McGurn said. "The economy will get better. And we'll be there when it gets better."

McGurn's promise resembled an act of reassurance for a city once impatient for results.

Pitched in 2004, the Main Street Landing project was supposed to be a retail center and condo complex on the west bank of the Cotee River. But as financing fell through amid the real estate recession, the city's redevelopment launchpad project stalled indefinitely.

Ironically, the bum economy helped the project restart. Since March, five construction workers preparing the site have been paid with federal stimulus money funneled through the state's $200 million Back to Work program.

David Hamilton, the Pasco-Hernando Workforce Board's operations management consultant, said McGurn told the board he would pay a small share of workers' benefits and wages and employ them after the program's end date in September.

For McGurn's commitment, the program will pay wages for four workers and one supervisor at a base pay of $15 an hour for six months. Using federal funds, the county will pay $109,000 in labor, of which McGurn will pay about $7,500 — or 7 cents on the dollar.

But the project's money woes aren't over. To fund construction, McGurn said he will sell or borrow against properties he owns across the state. He's also investing $400,000 he earned from refinancing his home in Gainesville. McGurn also recently paid $100,000 for development costs like equipment rental and architecture work, bringing his total investment to over $500,000.

"You look at it and say, 'Where's the money?' " McGurn said. "It just disappears."

Still, he said he's optimistic that his investment will win him some credit from commercial lenders slow to dispense money during the downturn.

"I've been through several of these," said McGurn, 64. "It will get better, and we'll be one of the first projects to be there to support it. I just have to convince the banks that."

McGurn told the council that seven to 12 workers will lay the foundation for other buildings this month, construct walls and columns in August, start masonry and build stairwells in September and install the precast concrete slabs of the second floor in October. By November, crews will begin tapping into underground plumbing and electrical networks.

If the project goes as planned, McGurn said, he'll want a few things from the city: A share of any property tax increase to help him secure bank financing, equal incentives offered to other developers, brick pavers and streetscaping, even a waiver of city fees.

With the exception of offering financial help — most of the city's redevelopment funds for next year will go toward debt service for a $7 million loan — council members seemed eager to support the site. Mayor Scott McPherson even offered to hold a special city meeting to discuss how best to help the project to completion.

"I'm reasonably optimistic. I don't think it's a slam dunk, but he's showing some good faith trying to move the thing forward," Deputy Mayor Rob Marlowe said Wednesday. "If he can get it finished, it could be really be a very nice anchor for downtown. The trick is getting from here to there."

In 2004, McGurn, his wife, Linda, and former Pasco County Commissioner Peter Altman proposed the project's Tuscan-themed townhomes and waterfront shops at a cost of $14 million. McGurn, whose McGurn Management Co. helped redevelop downtown Gainesville, told the city that construction could begin as soon as they secured a final lot.

"Putting the land together is the hardest part," McGurn told the Times. "People say, 'We don't want to sell.' That's been our issue."

Not for long. Rising construction costs doubled the price estimate, then tripled it. Design tweaks stalled work. The council in 2006 rejected a bid for additional money, effectively freezing new work. Two years later the city even considered suing McGurn for failing to finance and finish the project.

Last year, McGurn asked for a $1.45 million loan for the project, which the city denied. But McGurn said he still believes his "gamble" will pay off when the economy recovers next year.

In an e-mail to the city Monday, McGurn wrote, "I will try to explain that I am not really crazy to be doing it now when everyone else is running from real estate."

http://www.tampabay.com/news/localgo...-again/1109019

What a mess this thing is. At least it will get done, hopefully.

[TampaMike]

George Steinbrenner was laid to rest at Trinity Memorial Gardens today.

[tampasteve]

Red Robbin in Wiregrass has started construction, it looks like it is moving pretty fast. I am not sure of the usual size of those restaurants, but it looks kind of small.

Steve

[TampaMike]

Plan clears first hurdle
By Lisa Buie, Times Staff Writer
In Print: Friday, July 30, 2010

NEW PORT RICHEY — Top county planners took a first step Thursday to clear the way for the construction of a new community college campus, a hospital and a huge recreational complex that could include a hockey rink, sports fields and other entertainment at Wiregrass Ranch.

But not before hearing from other developers embroiled in a dispute with the original landowners over development rights. They asked that approval be postponed so they could express concerns.

"I'm here to object to what's going on," said John Dowd of the Goodman Co., which co-owns the Shops at Wiregrass with Forest City Enterprises. "We've been asking for months and months to get copies of documents and to be involved in this process. We've invested $150 million in Pasco County and are probably the largest corporate citizens in Wesley Chapel … When we have not had a seat at the table to be involved in the process to see how this affects our property values, that's just not right."

The two companies, which in joint projects are called GoodForest LLC, are currently involved in a dispute with the owners of Wiregrass Ranch, the Porter family. This resulted last week in the Porters suing the county. The lawsuit, which the Porters' attorney described as "friendly" toward the county, involved the county's granting approval for GoodForest to build a Red Robin Gourmet Burger restaurant near the mall.

The Porters say they control development rights for Wiregrass Ranch and that GoodForest had not secured their permission to build a Red Robin or helped pay its share of required road improvements. The county, which said it lacked the authority to decide the matter, agreed that a judge should sort it out. Hence, the lawsuit.

Bill Merrill, an attorney for the Porters and their development arm, Locust Branch Development, called the requests for postponement a tactic to gain an advantage in the dispute.

"They are using this as leverage to get one-up on us," he said.

County Administrator John Gallagher, reluctant to be put in the role of referee, told attorneys to work out their differences before the matter is set to go before county commissioners on Sept. 7.

"We don't ever see any of your private agreements," he said. "We get caught in the middle and try to move projects ahead."

County officials, sitting as the Development Review Committee, then unanimously approved the changes, which county staff had also recommended.

They include:

• Setting aside enough land to accommodate a 300,000-square-foot "attractions and recreation facility," according to papers filed with the county.

• Quadrupling the number of hotel rooms from 120 to 480, adding an 18-hole golf course and specifying nearly 200,000 of the more than 2 million square feet of proposed office space for medical buildings to support Wesley Chapel Medical Center, the 80-bed hospital that is set to be built on Bruce B. Downs Boulevard north of State Road 56.

• Reducing the number of homes by 1,205.

• Adding a land use to clear the way for a new branch of Pasco-Hernando Community College, which could accommodate 707 full-time students or more if some are part-time students.

• Giving flexibility in the location of a county park. This could be key if the county approves a proposed land swap that would take proposed sports fields off a site that now has no road access.

"This is something the county has been pushing and something in this particular economy happens to work out well for us," Merrill said of the request to devote more land to commercial uses and less to homes.

He also presented letters of support from executives of Florida Hospital Zephyrhills, which is a partner in building the hospital, Pasco-Hernando Community College and the Greater Wesley Chapel Chamber of Commerce.

J.D. Porter, a member of the ranching family and a manager for the property, said the project will bring much needed jobs to the area.

He said the county's cooperation shows its commitment to its latest slogan, "Bringing Opportunities Home."

In other business, the development review committee approved a rezoning that would someday put 1,999 homes on 825.5 acres at the future State Road 56 extension and Morris Bridge Road in east-central Pasco.

The residential development, called River Landing, would include 1,257 single family homes, 400 multi-family homes and 342 town homes. The land had been classified as allowing three homes per acre in the county's long-term growth plan, so Thursday's move to rezone it from agricultural to a master planned development was to put it in line with the land use rules, said attorney Clarke Hobby, who represents property owners, the Linville family of Zephyr Egg Co.

The agreement with the county calls for the owners to donate the right of way needed to extend SR 56 east, and a site for a middle or high school, Hobby said. County staff recommended top brass approve the change, saying in a memo that the land is in the county's southern market area, which is "considered an urban gateway opportunity area, where the bulk of urban development should occur."

http://www.tampabay.com/news/growth/...hurdle/1112011

I like the plan. That whole area has seen a major amount of growth that will only help Pasco and the surrounding communities. I haven't seen any planning maps on how everything will work in place, but I do hope that the county and the owner of land does allow for some space for any expansion of the Wiregrass Shopping Center.

[TampaMike]

Some good news out of New Port Richey. The Main Street Landing project has finally topped out (at 3 floors). Although, the developer is asking for incentives to keep the construction continuing. I can't say I fully support given them money to finally complete the project, but I don't want to see the skeleton of a project for months anymore.

I do think the city council should ask the developer what do they have in plans to fill up the units and retail space before giving them any incentives. So once the project is completed, the city doesn't have a empty development sitting on it's main street when the retail spaces could easily be filled up.

Also, the city and county are widening Main Street to 3 lanes east of Congress Street. I still think they should make Nebraska Ave. 2 lanes going east while making Main Street two lanes going west. Make Old Main Street part of Main Street, extend to Little Rd., and eliminate the little intersection of Nebraska/Main Street/Old Main St.

[TampaMike]

Wesley Chapel Outlet mall to open in 2014 with Saks Off Fifth
By Mark Albright and Lisa Buie Times Staff Writers
Posted: May 16, 2012 12:28 PM

Simon Property Group has signed up Saks Off Fifth, the luxury fashion retailer's off price unit, to anchor a new outlet mall that would open in Wesley Chapel in 2014.

The world's biggest real estate company and owner of Ellenton Premium Outlets in Manatee County, the Indianapolis-based developer has been gathering tenants for the past few months for what would be its second major outlet shopping center in the market. This one is named Tampa Premium Outlets.

While Simon has yet to officially confirm it has taken over the controversial site of an ill-fated big box retail project at Cypress Creek by Interstate 75 in Wesley Chapel, local retail real estate brokers and local development regulators say there is little question that that is Simon's site. The landowners prevailed in December ending an environmental advocacy group's legal challenge that had stalled the development.

Simon mentioned both the Wesley Chapel location and opening date in announcing it had signed Saks Off Fifth to a seven store deal spread over the next four years.

Staff Writer Mark Albright can be reached at albright@tampabay.com or (727) 893-8252.

http://www.tampabay.com/news/busines...-fifth/1230393

[HARTride 2012]

That means I won't have to travel to Ellenton for Off 5th!

[Jasonhouse]

lol! It's an outlet mall being built on a swamp in the middle of nowhere.

I'm sure I'll go there about as often as I go to Wiregrass; as in never.

[WeatherChannel]

Originally Posted by Jasonhouse

lol! It's an outlet mall being built on a swamp in the middle of nowhere.

I'm sure I'll go there about as often as I go to Wiregrass; as in never.

Not really in the middle if nowhere anymore. Have you seen the traffic in the morning or afternoon on SR 56? It's the perfect place imo with 2 interstates nearby and 2 major east west roads. There is no outlet malls nearby I think from Valdosta south on 75. Wiregrass lately is always packed.

[HARTride 2012]

Originally Posted by WeatherChannel

Not really in the middle if nowhere anymore. Have you seen the traffic in the morning or afternoon on SR 56? It's the perfect place imo with 2 interstates nearby and 2 major east west roads. There is no outlet malls nearby I think from Valdosta south on 75. Wiregrass lately is always packed.

Agreed. I've been to Wiregrass during late morning and it looks to be pretty busy. In fact, I will probably go back out there in August.

[Jasonhouse]

Originally Posted by WeatherChannel

Not really in the middle if nowhere anymore. Have you seen the traffic in the morning or afternoon on SR 56? It's the perfect place imo with 2 interstates nearby and 2 major east west roads. There is no outlet malls nearby I think from Valdosta south on 75. Wiregrass lately is always packed.

You couldn't pay me enough to waste my time driving up there to find out. The closest I ever get to that part of the metro is when I'm driving by on I-75, on my way north out of state.

[TampaMike]

I have no issue with it.

[Jahi98]

Certainly not in the middle of nowhere, and it should have a draw well beyond the metro area from the rural counties to the NW and even from Gainesville/Ocala/Lake City, giving them a nice alternative to Orlando or St. Augustine.

[FLAWDA-FELLA]

Great news for Pasco, but I always wondered why there was never an outlet center of some sort between Gainesville and Tampa.

[Jasonhouse]

^Wasn't enough population with enough disposal income before.

[FloridaFuture]

Definitely better then big box though this is the kind of stuff we could really use Hyde Park area.

[Jasonhouse]

^??? I doubt Hyde Park "needs" an outlet mall. Especially considering that 'outlet' stores are well on their way to becoming a dying breed, and will likely cease to exist in significant numbers within a generation at most. Retailers and even manufacturers already make more money with less risk by selling such items directly online, or by dumping them on a reseller like Ross, TJMaxx, etc.

[tampasteve]

Depends. Some outlet stores really are a separate cheaper brand, such as Gap and Banana Republic which have specific Gap Outlet, etc. branded clothes. Also, some outlet stores really are just regular stores with more sales items, such as Brooked Brothers which is really just a regular store that happens to be at an outlet mall. Or, sometimes it is a store for a brand that does not have regular stores, like Hanes.

Steve

[tampasteve]

On another note, a Panera is coming to the Shoppes at Wiregrass and an Old Navy is going into The Groves.

Steve

[tampasteve]

PHCC Porter Campus Update:
There are three cranes on the site now (well, there have been for several weeks) and it is coming along well. I have to say again, this is a great development for the area. It is not often that a campus is designed like this (in a suburban area) with the classroom/office space above the parking garage.

Recent Pic from TBO:


Here is another image of the finished campus: