The Tampa area will soon see the completion of Cory Lake Isles in New Tampa. The 27 acres of vacant land set aside for Phase 7 in 2006 is scheduled for construction as early as April or May. Kolter Land Partners (KLP) has named the development Capri Isle. The developer expects to see a great deal of interest now that the market for homes in Tampa FL is recovering steadily.
Jim Harvey, president of KLP, recently discussed the changes to the original plans. A total of 115 single-family homes will take the place of previously planned townhomes. Each house will be built on two townhouse lots measuring approximately 50 feet in width and 90 feet in depth. This is less land than other homes in Cory Lake Isles, reducing the size of the proposed 3 and 4 bedroom homes to 1700 to 2900 square feet.
Ryan Homes, which has built homes in Pinellas County and Orlando, has been selected to complete the last phase for this beautiful community.
The original founder and developer, Gene Thomason, sold the proposed townhome lots of Capri Isle to Avatar Homes. Bonds were left for the community to cover when Avatar walked away as the housing market crashed. According to Harvey, Kolter purchased the phase 7 property through a tax deed, a result of the unpaid assessments and bonds.
The Community Development District (CDD) will benefits from the project because of the relief from the huge financial community debt. Kolter restructured the debt with the purchase of the Capri Isle property. A financial plan has been developed that will even pay off one bond earlier than scheduled.
Also promised is a resort-style community pool for all of the Cory Lake Isles residents. A waterslide, paver decks and premium bathhouse are included in the plans. Although some residents have noted their disapproval of this latest plan, the overall response is favorable. The CDD is quick to point out that the pool is a winning feature for the community.
The deal, finalized in November, brought resolution to another issue that was previously overlooked. The traffic light that was to be put up at the Cross Creek Blvd. entrance when the Cory Lake Professional Center was constructed was never installed. That oversight will be corrected, emphasizing the belief of the KLP, the CDD and Ryan Homes that this final phase will be successful.
For more information about homes in New Tampa, Capri Isle at Cory Lake Isles or Ryan Homes, call Lance Mohr at 813-317-4009