Avalon Park Wesley Chapel

This large-scale project in the Tampa metropolitan area has been an important source of income for our company over the past few years. With its 1,600 acres (approx. 6.6 million square meters), the project is one of the ten largest master-planned communities in this region.

After selling or developing large parts of the project over the past few years, we still have substantial project and land reserves. Some of these are currently not generating income and will now be transferred to a dynamic process so that they can be monetized over the coming years.

The remaining 2,500 approved residential units are a central pillar of the project’s future development. We intend to develop these in around 10 different transactions, focusing on a wide variety of residential types (small apartments (50 m²), assisted living, and similar). Due to the market situation and competing projects in the area, we would like to focus on classic apartments at a later stage. The current estimated value of this plot is around USD 60 million. The valuation of this property underscores its importance for the sitEX share.

Another significant step forward last year was the completion of the DT1 building in the downtown area. The 40 units are currently being leased. We expect full occupancy by September of this year at the latest, with the commercial space already fully leased at this point in time. Once the apartments are fully leased, we would like to put together a package of additional buildings in the downtown area and develop them step by step.

Last year, we concluded a purchase agreement with our long-standing partner Stanley Martin Homes for a larger package of single-family home plots worth around USD 5 million. The transaction will be completed once all the necessary administrative approvals have been obtained, which is expected to be in the first half of next year.

In addition, we started construction in 2024 on an important connecting road that will link the northern part of the project directly to the emerging downtown area. This measure is key to strengthening the community spirit within the project and promoting the economic success of the businesses in the downtown area, as well as attracting additional tenants in the future.

Following the successful opening of a fitness studio and several restaurants last year, a Dunkin’ Donuts is scheduled to open in the downtown area in 2025.