Terra Bella

 office building, under construction, residential neighbourhood

Terra Bella -17 Acres Commercial - 311 Apartments - 253 Single Family Lots

The Flagship Land Group partnership contracted (April 2004) and purchased (May 2005) the 205-acre Penner Property located in Land O Lakes, FL. for $15 Million. Terra Bella is our initial Tampa based project. We are pleased to announce that after 3 years of entitlement and approvals we broke ground in the fall of 2007. Since closing in May 2005, we have successfully sold off three of the five major parcels within Terra Bella. At our land closing the Single Family was parceled out and sold to McCar Homes for $11.7 Million, The medical office parcel was sold to Zephyrhills based Florida Medical Clinic for $3.5 Million where they anticipate breaking ground on their 50,000 sq. ft. complex summer of 2008 and the $6.8 Million apartment complex transaction was completed in July 2007 to our newly formed apartment joint venture with apartment developer Broad Street Partners. As the master developer of Terra Bella we are developing in conjunction with Atlanta based McCar Homes and their 258 Single Family Lots, developing and building 311-Apartments units with our partner Broad Street Partners, and placing the horizontal infrastructure in place for the Florida Medical clinic to go vertical on their building. The remaining unsold parcels are our 5-acre professional office parcel entitled for 50,000 sq. ft. of professional office and the 8.9 acre retail parcel across the front entitled for 70,000 sq. ft. We anticipate having substantial completion by the end of the 2008 on all of the hardscape, landscape, and common off site improvements including the anticipated traffic signal at Livingston Road and State Road-54.


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