TOUSA Files for Bankruptcy

In an anticipated move, TOUSA today announced that it is filing for bankruptcy protection under Chapter 11: "TOUSA, Inc. and certain subsidiaries are filing voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code."

In its press release TOUSA states that the filing includes ENGLE homes. Engle homes has local New Tampa presence in Live Oak Preserve and the Hammocks.

(Click on the headline for the press release)

Johnny Carinos in Wesley Chapel

When Johnny Carinos in Wesley Chapel closed last summer it was reported that the restaurant would be converted to an Up The Creek Fish Camp and Grill later in the year. Since then, there is little evidence that any conversion is underway and the sign remains covered with a less than attractive blue tarp. There is a for rent sign on the building.

Not sure what this all means. Up the creek without a paddle?

New Tampa Homes For Sale

The following chart shows the number of single family homes listed for sale in New Tampa by community.

Note: Not all New Tampa Communities are included in the chart.

A Park, Office, and Commercial Space for Kinnan Rd. in New Tampa

The Tampa Tribune reports that Mobley plans 200,000 sq. ft. of commercial and office space at Kinnan Rd. and Oak Preserve Blvd. in New Tampa. Additionally, a 45 acre park may be created at Kinnan and the county line. Whether the New Tampa park on Kinnan Rd. will help persuade Pasco Co. officials to allow the Kinnan Rd./Mansfield Blvd connection remains to be seen.

Wiregrass Ranch Residential Update

In my previous post on September 26, 2007, I indicated that Wiregrass residential was on hold indefinitely. In today’s St. Pete Times, further confirmation is provided. Chuin-Wei Yap reports that Pulte Homes is no longer the master builder for Wiregrass Ranch.

Pulte Homes, one of the nation’s largest new home builders has reported pre-tax losses of $1.1 billion in the third quarter of 2007.

Given the challenging residential new home sale market and the costs involved with all the required infrastructure for a new community, the news is not unexpected. I believe that the residential portion of Wiregrass will be developed “when the market is right” for development. In my opinion, now is not the right time.

Another National New Home Builder with Local Presence in Trouble?...

Kimball Hill, a national builder with local presence (Ashton Oaks, in Wesley Chapel) is reported to be in negotiations with lenders and its future is uncertain. In a recent SEC filing, Kimball Hill states: "substantial doubts about whether we will be able to continue as a going concern."

There is a growing number of new home builders struggling for survival in today's market and fallout is expected with several in the next year.

Increase in Impact Fees on New Homes in Pasco County

The cost of a new home in Pasco County is likely going to increase. The school board has requested an increase in the school impact fee to $8983.00 on detached single family homes.

New Tampa and Wesley Chapel Homes For Sale

There are over 670 single family homes for sale in New Tampa in our multiple listing service. List prices per square foot (heated & cooled) range from a low of $73.00 to a high of $544.00 for a home with acreage. Several homes have been on the market for over 500 days.

Wesley Chapel has over 750 single family homes for sale per our MLS. List prices per square foot (heated & cooled) range from a low of $73.00 to a high of $967.00 for a home with acreage. Similar to New Tampa, there are several homes for sale in Wesley Chapel which have been on the market longer than 500 days.

Note: All new homes are not included in these MLS statistics.

I - 75 Detour at Bruce B. Downs Update

Both directions of I-75 will be closed over Bruce B. Downs Boulevard between 9 p.m. and 5 a.m. Friday (January 18) night and Sunday through Friday (January 20-25) nights as crews erect bridge girders.

DETOUR: Traffic will exit at Bruce B. Downs/CR 581 Exit 270, cross Bruce B. Downs Boulevard, and re-enter the interstate using the entrance ramp. Traffic will be slow in both directions of I-75 approaching this interchange, and motorists on Bruce B. Downs Boulevard will have lengthy delays as priority will be given to I-75 traffic crossing Bruce B. Downs. Law officers will handle traffic control where the ramps intersect Bruce B. Downs.

New Tampa Recreation Center

The New Tampa Recreation Center is still under construction. Completion is expected within the next month. For a slideshow preview click on the photo below:

Widening Schedule of Bruce B. Downs in New Tampa

There’s probably not a community within any metropolitan area of the world that doesn’t want better roads. New Tampa and Wesley Chapel are no different and it seems this month all the news is about improving local roads which will be welcome by all. Of course, the timing is never soon enough!

Today, Laura Kinsler of the Tampa Tribune reports on the future widening of Bruce B. Downs in New Tampa to 8 lanes. It looks like BBD in New Tampa “eventually” will be widened in 3 sections:

Section 1: From Palm Springs Drive to Pebble Creek Drive. Start Date: Winter 2009? Completion in 2011?

Section 2: Pebble Creek Dr. to County Line Rd. Start Date: 2011—completion 2013?

Section 3: Bearss to Palm Springs Dr. Start date and completion “to be determined”?

Get used to the photo attached to this post. Given all the planned roadwork in New Tampa and Wesley Chapel, it may become our "community logo" for the next several years.

No mention lately of the “East-West Connector”, but it’s about time that we hear about another new delay in this troubled proposed New Tampa toll road connecting BBD to I-275!

Note: I simply add the ? on all planned completion dates!

Public Roads Workshop in Wesley Chapel

Tonight's workshop was introduced by Commissioner Pat Mulieri and representatives from the county engineering department, the FDOT, and contractors participated in the presentation.

I was impressed to see such a large turnout by the public. It was SRO!

Highlights presented tonight in this workshop/update were:

• C.R. 54 road construction currently underway should be "substantially complete" by April 27th, with final completion 30 days thereafter.
• C.R. 54 widening from S.R. 56 to Magnolia Blvd.--A four lane divided roadway, with construction to start 2012
• C.R. 54/I-75 Interchange--Construction start 2009; estimated completion in 2011
• Extension of S.R. 56 from BBD to Meadow Pointe Boulevard (3 miles) to begin this spring, with an estimated 12 months for completion
• Widening of S.R. 54 east from I-75 to Curley Rd.--to start next winter with widening to six lanes. They estimate six months for utility relocation and 18 months for road construction.
• Widening of S.R. 54 from Curley Rd. east--Design to be complete in 2011/2012 and right of way acquisition years 2012/2013. No money allocated for right of way acquisition or construction at this time.
• Widening of BBD north from County Line Rd to S.R. 54 to begin this Spring with six lanes and an estimate of 18 months for completion.
• Northbound exit ramps from I-75 to S.R. 56--2010.

The county pledged to provide updates on road construction/ improvements on its website in the future.

Early Voting Begins Today!

Early voting in the Presidential Primary Election begins today.

Local Early Voting Locations:

New Tampa:

(10:00 a.m. to 6:00 p.m.)

New Tampa Regional Library
10001 Cross Creek Boulevard

Tampa, FL 33647

Wesley Chapel:
(10:00 a.m. to 6:00 p.m. M-F) (10:00 a.m. to 5:00 p.m. Sat.)

Village Market of Wesley Chapel

5325 Village Market

Wesley Chapel, FL 33543

I-75 Detour at Bruce B. Downs

(Photo of how the BBD Flyover Ramp will look when completed)

The previously announced detour on I-75 at Bruce B. Downs for January 11-13 has been changed. The I-75 detour at BBD will resume on Monday January 14th through January 17th from 9:00 p.m. to 5:00 a.m.

School boundary meeting set for new Veterans Elementary School in Wesley Chapel

VETERANS ELEMENTARY SCHOOL: On January 15, 2008 the Pasco County School District will hold a meeting regarding boundaries for this new Wesley Chapel elementary school set to open in August, 2008. Students attending Quail Hollow Elementary School and Seven Oaks Elementary School may be affected by the opening of the new school. The meeting will be held at the Quail Hollow Elementary School (7050 Quail Hollow Blvd.) in Wesley Chapel at 6:30 p.m.

Wesley Chapel Road Projects Workshop

On January 14, 2008 the Florida Dept. of Transportation and Pasco Co. planners will have a workshop to discuss local road projects. According to Deborah Bolduc, Program Administrator for Pasco County Engineering Services, there will be a 30 minute presentation, and a question and answer period. County Commissioner Mulieri will be present as well as engineers, project managers, and contractors.

The meeting will be in the Activities Center of the Victorious Life Church, 6224 Old Pasco Rd., in Wesley Chapel from 6:30 p.m. to 8:30 p.m.

Buffalo's Southwest Cafe in Wesley Chapel to Open

Buffalo's Southwest Cafe in Wesley Chapel plans to open on January 14th at 11:00 a.m. According to owner Tom Mationg the new Wesley Chapel restaurant has a seating capacity of 272. Future hours are expected to be from 11:00 a.m. to 2:00 a.m. The restaurant has a full bar and a separate room for private parties and functions. Buffalo's is located off of C.R. 54 at 5510 Post Oak Blvd., (access via Old Pasco Rd.)

Oh, and the kids will love the talking "smoke breathing" Buffalo, named Chip!

St. Pete Times Opening Wesley Chapel Office

The St. Petersburg Times is opening up an office in Wesley Chapel, FL. Located on S.R. 56 in the Haverty's and Ashley's Furniture

shopping center.

TOUSA SEC Filings

TOUSA SEC FILINGS:

· In November, 2007, TOUSA’s Chairman sold the last of his shares in the company for 10.5 cents a share according to SEC Filings.

· In another SEC filing: Effective December 21, 2007, George Yeonas was appointed Executive Vice President -Chief Operating Officer, Homebuilding Operations of TOUSA, Inc.(the "Company"). Mr. Yeonas and the Company have agreed to a new compensation package consisting of a base annual salary of $750,000.

· In the most recent SEC filing: TOUSA, Inc. (the "Company") failed to make its semi-annual interest payments due January 1, 2008 under $300 million in aggregate principal amount of its 9% Senior Notes due 2010 and $185 million in aggregate principal amount of its 10 ⅜% Senior Subordinated Notes due 2012 (collectively, the "Notes").

Standard and Poor’s reported that TOUSA’s debt rating would be “slashed” to default status if it failed to make it’s Jan. 1 interest payments on senior notes.

With rumors of bankruptcy, I guess we will soon see if Yeonas can earn his $750,000/year base salary!

TOUSA, was the 13th largest builder in the US in 2006 according to Builderonline, and is the parent company for Engle Homes, active in Live Oak Preserve and the Hammocks in New Tampa.

CAVEAT EMPTOR!

Shoppes of Wesley Chapel

The 42,000 square ft. Shoppes of Wesley Chapel recently has gone vertical with construction. A 2008 summer opening is expected on this strip mall located on BBD in Wesley Chapel.

Lane Closures on I-75 in New Tampa

[I-75 - Lane Closure - Interstate 75 at County Road 581 (Bruce B. Downs Blvd.)]I-75 detours at Bruce B. Downs begin Tuesday night

NEW TAMPA -- Both directions of I-75 will be closed over Bruce B. Downs Boulevard between 9 p.m. and 5 a.m. Tuesday through Sunday (January 8-13) nights as crews erect bridge girders.

DETOUR: Traffic will exit at the Bruce B. Downs/CR 581 Exit 270, cross Bruce B. Downs Boulevard, and re-enter the interstate using the entrance ramp. Traffic will be slow in both directions of I-75 approaching this interchange, and motorists on Bruce B. Downs Boulevard will have lengthy delays as priority will be given to I-75 traffic crossing Bruce B. Downs. Law officers will handle traffic control where the ramps intersect Bruce B. Downs.

-------------------------[I-75 - Lane Closure - Interstate 75 at County Road 581 (Bruce B. Downs Blvd.)]Sunday night lane closures on I-75 at Bruce B. Downs

NEW TAMPA -- The left lane will be closed on both northbound and southbound I-75 at the Bruce B. Downs Boulevard (County Road 581, Exit 270) interchange from 9 p.m. Sunday (January 6) to 5 a.m. Monday (January 7).

Roads, Roads, Roads!!

If you live in New Tampa or Wesley Chapel there are several key roads that you have to take to get anywhere and everywhere. Fortunately some of these roads and intersections are going to be transformed.

Improvements to begin within the next month on key highways and one intersection in Wesley Chapel:

· S.R. 56 Extension: The extension of S.R. 56 to Meadow Pointe Blvd., is supposed to begin within the next month. This is required for the new Shops at Wiregrass mall at S.R. 56 & Bruce B. Downs (BBD). Eventually plans are to extend S.R. 56 all the way to Morris Bridge Road.
· Widening of Bruce B. Downs: The widening of BBD from County Line Road (CLR) to S.R. 54 is also supposed to begin. This widening has been delayed previously but should finally get underway soon with plans for 8 lanes south of S.R. 56 to CLR.
· Intersection at Bruce B. Downs & S.R. 56: Reported to become the second largest intersection in the nation, this major intersection will have triple left turn lanes in all directions and eventually will be 12 lanes at its widest.

Future New Tampa and Wesley Chapel road improvements in 2008:

· Widening of S.R. 54: Perhaps the most treacherous road in all of Pasco Co; the widening of this road from BBD to Curley Rd. was scheduled to start later this year. (Still in acquisition, and now won't begin until 2009)
· Southbound ramp from BBD to I-75: Work is already underway and when completed, we will no longer have to stop at a light when traveling south on BBD to access I-75 southbound.

Likely changes in traffic patterns:

· Once S.R. 56 is extended at least to Mansfield, expect less traffic on County Line Rd. in Meadow Pointe.
· Once S.R. 56 is extended to Meadow Pointe Blvd., I anticipate a lot of traffic diverting from S.R. 54 to S.R. 56 at Meadow Pointe Blvd. until the widening of S.R. 54 is complete.

The list of “Don’t hold your breath” road improvements for New Tampa & Wesley Chapel:

· The bottleneck on C.R. 54 at I-75 won’t be addressed anytime soon as it requires major overpass improvements.
· Widening of BBD south of County Line Road (Hillsborough County): Hillsborough County’s first leg of the planned widening of BBD is on the southern portion of this major New Tampa road and isn’t scheduled until 2009. Once the three large new Wesley Chapel malls open next year, expect major bottlenecks on New Tampa’s BBD in Hillsborough County.
· East-West Connector: This proposed toll road connecting BBD to I-275 was last reported to be in the planning/design stages, narrowing lane widths to reduce costs.
· Connection of New Tampa’s Kinnan Road in Hillsborough County to Mansfield Blvd in Pasco County: Pasco refuses this connection because Mansfield Boulevard is not engineered for this volume of traffic. Pasco wanted the connection at Meadow Pointe Blvd. Expect this “Mexican standoff” to continue; hence its nickname “the road to nowhere”.
· Widening of S.R. 54 east of Curley Road: No money!
· Rerouting/widening of Curley Road to connect to Meadow Pointe Blvd.: Re: The recent sale by Lennar of the Epperson Ranch will possibly cause additional delays.

Home Sales in Meadow Pointe

As we enter 2008 Meadow Pointe, in Wesley Chapel has 150 single family homes listed for sale with list prices ranging from $150,000 to $525,000.

14 single family homes sold in Meadow Pointe last month.*

Live Oak Preserve Homeowners Association seeks to end contract with cable provider

Citing poor services provided by Century Communications, the homeowners association for Live Oak Preserve in New Tampa has filed a complaint saying the 15 year contract is unenforceable.

The Tampa Tribune reports that roughly half of the Live Oak Preserve homeowners association dues go to Century under a bulk billing arrangement.