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BUYER: Pasco Residential Lots LLC (HW CGC Acquisition LLC), Dallas
SELLER: Lincolnshire Smith LLC
PROPERTY: Connerton Village 2, a portion of Pearl Crescent Court, Sequester Loop and Bluevine Sky Drive (portion of the total land)
PRICE: $1.32 million (portion of total price), $5.6 million (total)
TITLE ON DEED: Alday Donalson Title, Tampa
PLANS, DESCRIPTION: Dallas-based Coast-Oak Group purchased the Connerton master-planned community for $5.6 million.
Terrabrook, a national homebuilding and development company, previously ran the 4,800-acre development. It now has a mixture of finished lots, partially improved properties and raw land. Terrabrook sold only a fraction of the 700 to 800 homes it had projected selling annually. It shut down the project in December and laid off the entire management team.
In total, 8,500 residential units are planned for the community, along with more than 3 million square feet of office, retail and industrial space. The design plans include a hospital, medical offices, an elementary school and two others schools. The community is adjacent to Conner Preserve, which is 3,850 acres of undeveloped land.
“We're a big believer in the original vision of the project and we want to follow through on that,” says Greg McGowan, CoastOak managing principal. He adds that future building activity at Connerton will be dictated by market demand.
CoastOak bought Connerton in partnership with Hayman Woods LLC, a Dallas-based private equity firm focused on real estate. The company also rehired several members of the previous development team, including former Connerton President Stew Gibbons.
CoastOak Group, formed in 2008 by Don Carroll and Greg McGowan, is a national developer and operator of residential communities and mixed-use projects. The firm currently operates in Atlanta, Chicago, Dallas, Florida, Las Vegas, Phoenix, New York City, Southern California, South Carolina and Washington, D.C.
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