Following Pasco County, Florida, approval, Mast Capital has announced a comprehensive master plan to redevelop and renovate the Saddlebrook Resort in Tampa’s Wesley Chapel neighborhood. Plans include a new town center, 465 rental apartments, 25 townhomes, 75,000 square feet of retail and office space, and a pedestrian promenade.
Within the property grounds, Mast Capital also will build a 120-unit townhome community and an additional 25,000 square feet of commercial space as well as commence a full renovation of the resort, its amenities, and the golf course. The property, in partnership with Amzak Capital, was acquired in March 2022.
“We thank the county commission and community of Pasco County for its approval and support of our plans to further enhance and elevate the Saddlebrook Resort. We share the goal of restoring Saddlebrook’s glory and reclaiming its position as a world-class resort,” says Jordan Kornberg, managing director of Mast Capital.
“Since day one, we have been making immediate improvements to the resort and will continue to invest in its future with our renovation plans and new development that will bring premium housing and a retail-driven town center benefiting residents of Saddlebrook and meeting growing demand in the thriving Wesley Chapel community.”
Over the past 12 months, Mast Capital has already invested millions of dollars in making initial repairs to the resort, including adding six pickleball courts, enhancing the golf course greens and tee boxes, improving tennis courts, relocating the hotel gym facility to the resort’s core, replacing all roofs, and adding a new fleet of vehicles. Mast Capital’s investment plan will facilitate upgrades to further enhance the property for its current residents, hotel guests, and the surrounding community.
The closing of Saddlebrook’s acquisition last year represented Mast Capital’s largest acquisition to date in the area. The firm first entered the Tampa Bay market in a joint venture with private equity firm Rockpoint Group with the purchase of more than 16 acres in Wesley Chapel in November 2021. The joint venture is developing a 248-unit luxury apartment community expected to open in spring 2024.
With a diverse portfolio of residential and commercial properties throughout the region, Mast Capital continues to expand its portfolio with acquisitions representing over $3.5 billion in total project capitalization. Investments include the new-build development of 3,000 residential units in Brickell, Miami Beach, Fort Lauderdale, Palm Beach County, as well as the Orlando, Fort Myers, and Tampa Bay metro areas.
