A new luxury apartment community is coming to Wesley Chapel.
Mast Capital, a South Florida development firm, acquired 16 acres of land in Pasco County with more projects slated within the Tampa Bay area, the head of Mast Capital, Camilo Miguel Jr., told the Tampa Bay Times.
Construction on 248 apartments in Wesley Chapel is set to begin early next year and is expected to finish before the end of 2023, Miguel said.
The development group, founded in 2006 and responsible for approximately 20 projects in South Florida, is expanding its footprint across the Sunshine State with Orlando, Southwest Florida and Tampa Bay in mind, Miguel said. Tampa Bay is one of the main areas of interest for Mast Capital because of the demand for housing.
About five to six more projects in the area are expected in the coming years, but Miguel said he could not yet comment on what else is in the pipeline.
Wesley Chapel is the first site Mast Capital announced in the region. Miguel said this area was attractive because it’s in one of the fastest-growing submarkets in Tampa Bay. Pasco County grew more than 19 percent in the last decade, according to the U.S. Census Bureau.
“People have been moving out of downtown and the higher-priced areas of Tampa and moving into Wesley Chapel,” Miguel said. “The demographics there have been very strong and continue to grow.”
The site at 5101 Bruce B Downs Blvd. is just off State Road 54 and is 30 minutes away from downtown Tampa. The complex will be adjacent to the new $246 million BayCare Hospital currently under construction.
As Pasco County continues to attract more developers, county commissioners extended a moratorium on applying for multifamily housing projects in the Wesley Chapel area until April 2022. Residents grew frustrated by the rising amount of construction and housing projects.
“Our project was approved prior to that moratorium being put in place because we were already going through the process,” Miguel said. “That is exactly why we actually like this particular area, as well, because it makes it challenging for new supply coming into this market.”
Rental rates in Wesley Chapel are above $2 per square foot, but Miguel said by the time the project is completed the price will likely be higher.
The apartment community will have a pool, sun deck with cabanas, a dining pavilion with grills, a clubhouse, fire pit, entertainment center and a fitness center.