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Developer Has Plans For Ryland Property

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By CHRISTIAN M. WADE

The Tampa Tribune

Published: August 8, 2008

NEW PORT RICHEY - They got the property annexed into the city last year, with plans to construct a gated community of 500 condominiums overlooking the Gulf of Mexico.

Then the real estate market went belly-up, and Ryland Homes scrapped the project.

Three years after the national homebuilder walked away from the venture, a Phoenix-based developer is planning to pick up where they left off, but not with condos.

Alliance Residential Co., which builds upscale apartment complexes across the country, has approached city officials with a request to rezone the 30-acre property in the Gulf Harbors area to allow for 388 apartments in several buildings.
City planner Lisa Fierce said a contract is pending between Alliance and Ryland that hinges on approval of rezoning and land-use changes for the undeveloped parcel.

"It's a downsized project," she said. "They're planning to build upscale apartments."

Thursday, the city's Development Review Committee recommended approval of the rezoning. Next, the proposed changes will be forwarded to the city's Land Development Review Board for consideration and, eventually, to the city council for final approval.

Representatives for Ryland and Alliance could not be reached for comment.

Preliminary site plans call for a mix of small and large units in three-story buildings. Rents would range from $800 to $1,200, according to the plans submitted.

The company's proposal is likely to be scrutinized by council members.

An estimated 40 percent of New Port Richey's housing is rental, and city officials for years have been trying to shake the city's image as a haven for rental properties.

"It begs a couple questions, particularly how much density we want on the west side of U.S. 19," said Councilman Rob Marlowe, who hadn't yet seen the developer's plans.

In 2005, Ryland approached city officials with a plan to construct six nine-story buildings with parking, a fitness center, library, post office and pools.
New Port Richey officials were excited at the prospect of expanding the property tax base with an upscale development, and Ryland executives said they were eager for access to municipal systems as well as better fire and police protection.

After approving the annexation, the city council agreed to rezone the property from a multifamily designation to a planned development district and approved preliminary site plans for the gated complex. The complex was even given a name: Venetian Isles.

Several months later, Ryland turned around and put the land on the market for nearly $10 million more than it had paid for it, leaving the future of the project uncertain.

The demise of Venetian Isles came as bad news for the city, which has been trying for years to build its general fund reserves from new development and annexations of pockets of adjacent county land. Revenue generated by new growth pays for services such as police and fire coverage, and keeps the property tax rate from increasing.

The Ryland project had promised to add 1,000 new residents to the city while pumping in much-needed tax money.

It was one of several mid-rise housing complexes developers hoped would rise from the Pasco skyline west of U.S. 19.

Reporter Christian M. Wade can be reached at (813) 948-4216 or cwade@tampatrib.com.

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