August 1, 2015
CBD Real Estate Investment LLC announced today that it has received final annexation along with zoning board approval from the City of Zephyrhills to develop ten acres it owns at the intersection of Wire Road and Pretty Pond Road. The site has received approval for the eventual development of a 168 unit garden apartment project.
CBD bought the land from the Diocese of St Petersburg on February 8, 2015. The cash sale was concluded by CBD affiliate “Pretty Pond Investors LLC.” Since closing CBD has been working with the City Commission to rezone the low density residential property to R-4, which would allow the site to be developed for up to 14 units per acre. At the same time CBD applied for City annexation approval. Both approvals were granted in March 2015.
CBD recently entered into an agreement with Tampa based CKT Development Company to sell the multifamily apartment builder the site subject to final construction plan approval. It is anticipated that Pretty Pond will commence construction during the winter of 2016. No terms of the anticipated cash sale were announced.