Mast Capital Unveils Mixed-Use Redevelopment Plans for Iconic Saddlebrook Resort Property in Tampa

Photo courtesy: Mast Capital

Mast Capital, in collaboration with Amzak Capital, has unveiled an extensive master plan to refurbish the notable Saddlebrook Resort, located in Tampa’s coveted Wesley Chapel district. The revelation arrives over a year after acquiring the 480-acre estate in March 2022, aiming to re-establish its central role in the prosperous community.

Recently receiving the green light from the Pasco County Commission, Mast Capital is advancing its plan to develop a new town center featuring a variety of amenities, including 465 rental apartments, 25 townhomes, 75,000 square feet of retail and office space, and a pedestrian promenade. Furthermore, within the estate grounds, the firm will construct a 120-unit townhome community and 25,000 square feet of commercial space. A substantial renovation of the resort, golf course, and lifestyle facilities is also on the horizon.

Photo courtesy: Mast Capital

Photo courtesy: Mast Capital

“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,” said 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 benefitting residents of Saddlebrook and meeting growing demand in the thriving Wesley Chapel community.”

Since its inception in 1981, the property has flourished, featuring a 500-key condo-hotel resort, 40-plus tennis courts, six pickleball courts, two Arnold Palmer-designed 18-hole golf courses, and more than 100,000 square feet of meeting space. Furthermore, the property houses Saddlebrook Prep, a globally respected tennis and golf academy where renowned athletes like Jim Courier, Pete Sampras, and Andy Roddick have trained.

Photo courtesy: Mast Capital

In the past year, Mast Capital has injected substantial capital into initial property improvements such as refurbishing the golf course, enhancing all tennis courts, and adding a new fleet of vehicles.

The developer plans to channel millions into capital improvements that will uplift the Saddlebrook property for residents, hotel guests, and the wider community. Enhancements include modernizing the lobby, rooms, and meeting spaces, revamping the swimming pools and clubhouse, upgrading golf courses to a 27-hole layout, and improving infrastructure.

As evidence of Mast Capital’s ongoing investment in Tampa, the Saddlebrook acquisition marked its largest in the region to date. The firm, in conjunction with private equity firm Rockpoint Group, purchased over 16 acres of land in Wesley Chapel in November 2021, signaling their entry into the Tampa Bay metro area.

Wesley Chapel, a thriving suburb in Pasco County, is home to over half a million residents and is known for its robust school districts and retail and dining experiences.

Mast Capital has risen to prominence as a highly active real estate development and investment firm in Florida, boasting a diverse portfolio of residential and commercial properties. The firm’s continued growth has seen acquisitions representing over $3.5 billion in total project capitalization, spanning from Brickell and Miami Beach to Orlando and Tampa Bay metro areas.

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