Lexington Oaks Commons

 

First exposure to the project was a Monday morning in October of 2016.  All we did in the next 6 years was to;

 

• Reposition the initial project plan and already finished sites to create marketability and value.

• Begin marketing immediately on existing finished sites.

• Reach Agreement with 6 existing out-parcel owners to modify and amend CC & R’s to permit expanded and more marketable uses.

• Create CASH land sales which financed all future improvements with NO borrowing required.

• Plan and entitle 50 acres of the 80-acre site

  • Hire Engineers, planners, legal counsel, design specialists, contractors, project management, and work with the Brokerage Team to market the entire project, beginning to end.

• Work with Brokers and Owners on negotiation of seven contracts completing sale of XX percent of the landowners property (the remaining XX% has sold in the short period after our contract was completed.)

 

Consisting of 80 acres with frontage on the main arterial Blvd, easy access to Interstate 75 both North and South Lexington Oaks Commons had been in the ownership since late 90s and had made the first attempted development in a joint venture with a developer. In the early 2000s.  The project started with 30 acres of streets street lighting sewer water and utilities designed as a retail center with a site planned for a big box retailer.  A few of the retail sites or out parcels were sold to developers or users who built retail including a CVS pharmacy, a fast service restaurant, and a Day Care/School.

 

The project stopped with the GFC in 2008 - ownership determined it was ready to move forward, with a fresh start in 2016. Approximately 6 acres of the 30-acre site had been sold to individual owners in five transactions before the project stopped.  The remaining 50 acres of the total 80-acre parcel remained unplanned, undeveloped and ready for a new look at the marketplace

 

What we did over the next eight years

 

Replanning beginning with modifications to the CC and R's

 

With the marketplace change that took place in 2008 to 2016, it became obvious that the site planned for the big box retail was not sufficient in size nor was there a market at the moment for that site. The solution was to approach 6 existing owners and obtain an agreement to modify the existing CC & RS to permit multifamily use on the site.   Upon completion of that modification and replanning, a contract was immediately entered into for the 22-acre site (which included 5 acres of detention ponds.)  The outcome - sale of the parcel and construction of 250 multifamily units.

 

Entitlement

 

The next task was to begin planning the untouched 50 acres which also included approximately 11 acres of wetlands or retention area. The Master Planned Unit Development (MPUD) plan was developed creating 8 parcels which included a 6-acre retail site, a multifamily site, and six out parcels with frontage on the main arterial Blvd.  Planning approval was obtained by the Team from Pasco County, FL.

 

 

Financing the improvements

 

With approval of a new MPUD and development of the plan Imprimis Advisors and the Broker Team negotiated for the owner a contract for the 22-acre multifamily site with an all cash payment. The contract was signed before the 1st shovel of dirt had been moved on the improvements and included a provision which allowed the cash from the sale to be used to finance the improvements over the construction period.

 

The result;

 

No financing was needed to complete the entire project.   The cash receipts from the sale of multifamily sites paid for all improvements and left a substantial distribution to the owner.

 

The next step

 

Creating sales of the six retail parcels that were created and finished, which included an equity investment in a 40,000-foot specialty center now open, operating and 100% occupied.

 

Five additional sale transactions included an array of auto parts, and blank and blank.

 

IMPRIMIS ADVISORS acted as the developer on behalf of the owner, organizing and managing the entire team of planning, engineering, legal, entitlement, contract negotiation, construction and construction supervision, utilizing the land assets and requiring no additional capital investment from the ownership in order to complete the project.

 

Lexington Oaks Commons is typical of the full-service addition of substantial value to ownerships land assets, from concept to planning to entitlement to development, to marketing and sale.

 

Learn More by….

​

​

​

​

​