The developers of Meadow Pointe have carved out a new community development district to finance a commercial center straddling State Road 56 at Meadow Pointe Boulevard.
County commissioners approved the new district Tuesday afternoon, altering the subdivision's existing CDDs 3 and 4 to provide land for the fifth district.
CDDs are special taxing districts widely used in Florida to develop vacant land. Future homes and businesses pay off the CDD-issued bonds through annual levies.
The new district covers 150 acres centered on the S.R. 56/Meadow Pointe intersection, which could open in early 2010.
As envisioned, the district will include more than 940,000 square feet of commercial space and nearly 400,000 square feet of office space. The Shops at Wiregrass, which opened in October at S.R. 56 and Bruce B. Downs Boulevard, encompasses about 800,000 square feet.
The Meadow Pointe project would become the fourth major shopping complex for the Wesley Chapel area. Aside from the Wiregrass mall, the region also has The Grove, at County Road 54 and Oakley Boulevard, and the undeveloped Cypress Creek Town Center at S.R. 56 and Interstate 75.
Crews are extending S.R. 56 eastward from the Shops at Wiregrass. The road is scheduled to open at Mansfield Boulevard in March, according to county and state plans.
The new CDD will help finance the developers' mandate to extend S.R. 56 from Meadow Pointe Boulevard to Meadow Pointe's border with the Wynfields development to the east, the developers said Tuesday.
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