Tampa developer picks up 400 acres near Pasco-Hillsborough line
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Sep 19, 2024

A Tampa developer has purchased hundreds of acres near its forthcoming Two Rivers project, a community that spans 5,400 acres and straddles the Hillsborough-Pasco county line.

An entity linked to Eisenhower Property Group paid $15.1 million for roughly 398 acres in four parcels across Morris Bridge Road from its other land holdings in northeastern Hillsborough County near Hillsborough River State Park. A spokesperson for EPG said there are no plans for the property.

The seller was Krusen-Douglas LLC, a large landowner based in Tampa. Jeffrey Hills is president of EPG.

EPG began assembling the land that would become Two Rivers in 2017 and closed on the first 3,400 acres of the community in October 2021. In 2023, EPG bought another 2,000 acres, extending Two Rivers from Pasco County southward into Hillsborough County. The first phase of Two Rivers in Hillsborough County will be The Stewards, a golf-course anchored subdivision with estate homes. Custom homes in The Stewards will range from $700,000 to more than $5 million.

The Hillsborough side of Two Rivers will include 972 homes, 200 of which will be designated for people 55 and older, according to a deal EPG struck with Hillsborough County officials.

In Pasco County, the first phases of Two Rivers cater to entry-level and move-up buyers. At completion, the community will include nearly 6,000 homes, townhomes, apartments and villas throughout more than 15 villages. It will also include commercial development; the land is entitled for 3.3 million square feet of office, retail, commercial and industrial space.