Leading real estate developer Mast Capital announces a comprehensive master plan to redevelop and renovate the iconic Saddlebrook Resort in Tampa’s highly sought-after Wesley Chapel neighborhood. The news comes over a year after the firm in partnership with Amzak Capital acquired the 480-acre property in March 2022, with the goal of restoring the asset’s previous standing as a centerpiece of the thriving community.
Following this week’s approval by the Pasco County Commission, Mast Capital is moving forward with plans to develop a new town center with a mix of uses that will add 465 rental apartments, 25 townhomes, 75,000 square feet of retail and office space, and a pedestrian promenade. Nearby, within the property grounds, it will also build a 120-unit townhome community and 25,000 square feet of commercial space. Additionally, the firm will commence an extensive renovation of the resort, golf course and lifestyle amenities.
“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.”
Founded in 1981, the property is currently home to a 500-key, condo-hotel resort, over 40 tennis courts, six pickleball courts, two Arnold Palmer-designed 18-hole golf courses, over 100,000 square feet of meeting space, and Saddlebrook Prep, a world-renowned tennis and golf academy where some of the world’s top tennis players trained including Jim Courier, Pete Sampras and Andy Roddick. Saddlebrook also has several cafes and restaurants, a full-size driving range, large resort-style swimming pool, a spa, tennis and golf pro-shops, nature reserve, as well as classroom space and student dormitories.
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 greens and tee boxes on the golf course, improving all tennis courts on the property, relocating the hotel gym facility to the resort’s core, replacing all the buildings’ roofs and adding a new fleet of vehicles at the property.
As part of Mast Capital’s investment plan, the developer has committed millions of dollars in capital improvements to facilitate much-needed upgrades that will enhance the Saddlebrook property for its current residents, hotel guests and the surrounding community. These renovations will include modernizing the lobby, food & beverage areas, rooms and meeting spaces, enhancing the swimming pools and clubhouse, major upgrades to the golf courses creating a new 27-hole layout and improved driving range, as well as infrastructure improvements that will include building a new road and wider lanes to improve access in and out of the property and alleviate vehicular congestion.
Demonstrating a continued investment in the Tampa market, the closing of Saddlebrook’s acquisition last year represented Mast Capital’s largest acquisition to date in the area. In November 2021, the firm marked its entrance into the Tampa Bay metro area with the purchase of over 16 acres of land in Wesley Chapel in a joint venture with private equity firm Rockpoint Group. The joint venture is developing a 248-unit luxury apartment community slated to open in the spring of 2024.
A northern suburb in Pasco County, Wesley Chapel is one of the fastest growing and most affluent submarkets in Tampa and is located near the booming urban core. The neighborhood is home to over a half million residents, with new master-planned communities, investments in infrastructure, one of the strongest school districts in the state, and retail and dining experiences that have contributed to the appeal of the highly desirable community.
Mast Capital has emerged as one of Florida’s most active real estate development and investment firms today, with a diverse portfolio of residential and commercial properties throughout the region. The firm continues to expand its portfolio, with acquisitions representing over $3.5 billion in total project capitalization. These investments include 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.
