Tampa developer scoops up thousands of acres near Hillsborough River State Park
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Feb 10, 2023

A Tampa developer has scooped up just under 2,000 acres surrounding Hillsborough River State Park and is planning to build planning luxury golf and equestrian communities on the property.

A corporate entity linked to Tampa-based Eisenhower Property Group paid $35 million for the property in Thonotosassa on Feb. 8, according to Hillsborough County property records. The seller was Hickory Hills Land Co.

Eisenhower secured $19.4 million in financing from New York-based DW Partners, according to property records.

The land is directly south of the Pasco County line — and property where Eisenhower is planning to develop Two Rivers, which will eventually be home to thousands of new homes and more than 3 million square feet of commercial space. The Thonotosassa site, currently zoned for pasture use, will be the second phase of Two Rivers. It's known as Two Rivers Preserve in documents on file with Hillsborough County.

Of the 1,948 acres, 454 acres or just over 23% are wetlands, according to documents filed with Hillsborough County for the project in 2022. There will be 972 residential units on the property, and the developer struck a deal with the county that 200 of those will be restricted for people at least 55 years old.

The private equestrian facilities planned for the site will include stables and trails. The golf course will include a clubhouse and maintenance facilities.

The high-end golf community is a rarity in residential development in 2023. The development of residential communities anchored by golf courses peaked in Florida in the early aughts, and many communities are now looking for ways to redevelop the golf courses that were once considered prime amenities. But golf has seen a resurgence since the onset of the Covid-19 pandemic, and courses across the region are seeing new interest in development and upgrades.

Eisenhower closed on the Pasco side of Two Rivers in 2021 for $70 million. In 2022, 22 acres from that site were sold to a multifamily developer for a record price of $10.5 million.

Jeffrey Hills, principal of Eisenhower, declined comment Friday.