By: Sean Roth | Real Estate Editor | Original Source
The investment fund TerraCap Partners received approval from the City Council of Punta Gorda, allowing it to create a large mixed-use development on Jones Loop Road between Interstate 75 and U.S. 41.
The city approved annexing TerraCap Partners’ 171 acres of property on both sides of Jones Loop Road and approved a rezone of the property into a commercial interchange, which allows for a number of commercial uses.
“This new zoning offers the developer a high level of flexibility,” says Stephen Hagenbuckle, co-managing partner of TerraCap Management, which directs the fund. “This gives us the ability to do a comprehensive mixed-use walkable town center environment with hotels, residences and shopping. Effectively creating a central business district.”
Hagenbuckle was unsure if TerraCap Partners would develop the property itself, in a partnership or if it would sell it off to another developer.
TerraCap Partners’ limited liability company Jones Loop Road LLC purchased the land in 2012 from Dennis Fullenkamp for $11.75 million, equal to $68,713 per acre. At the time, TerraCap Management’s Co-managing Director Michael Davis said the ownership was considering creating an outdoor mall product similar in design to Gulf Coast Town Center in Fort Myers.
– See more at: http://www.businessobserverfl.com/section/detail/terracap-partners-land-annexed-rezoned-by-punta-gorda/#sthash.UIIQq8Sl.dpuf