Wesley Chapel, FL (Tampa, FL MSA)
An Unmatched Waterfront Lifestyle Awaits
$67.3MM TOTAL PROJECT COSTS | $22.9MM INVESTOR EQUITY | 256 UNITS
THIS CONFIDENTIAL SUBMISSION (the “Investment Memo”) is being furnished to the recipient (the “Recipient”) solely for the Recipient’s own limited use in considering whether to provide all or a portion of the equity or debt (the “Investment”) on NOVEL Mirada (the “Property” or “Subject”) for Crescent Communities, LLC (the “Owner” or the “Borrower”) The Sponsor has prepared this confidential Submission, which contains brief, selected information pertaining to the business and affairs of the Property This confidential information does not purport to be all inclusive nor does it purport to contain all the information, which a prospective partner may desire Neither the Borrower, nor the Owner, nor any of their respective partners, officers, employees or agents makes any representation or warranty, expressed or implied, as to the accuracy or completeness of this Submission or any of its contents and no legal liability is assumed or shall be implied with respect thereto
The Recipient agrees that (a) the Submission and its contents are Confidential Information, except for such information contained in the Submission which is a matter of public record, (b) the Recipient, the Recipient’s employees, agents and consultants (collectively, the “need to know parties”) will hold and treat it in the strictest of confidence, and the Recipient and the need to know parties will not, directly or indirectly, disclose or permit anyone else to disclose its contents to any other person, firm, or entity without the prior written authorization of the Sponsor and the Borrower, and (c) the Recipient and the need to know parties will not use or permit to be used this Submission or its contents in any fashion or manner detrimental to the interest of the Borrower, the Owner or for any purpose other than use in considering whether to provide all or a portion of the equity or debt
The Recipient and the need-to-know parties agree to keep this Submission and all Confidential Information contained herein permanently confidential and further agree to use this Submission for the purpose set forth above
PHOTOCOPYING OR OTHER DUPLICATION IS STRICTLY PROHIBITED THE BORROWER EXPRESSLY RESERVES THE RIGHT, AT ITS SOLE DISCRETION, TO REJECT ANY OR ALL PROPOSALS OR EXPRESSIONS OF INTEREST IN THE PROPOSED UNDERLYING EQUITY OR DEBT AND TO TERMINATE DISCUSSIONS WITH ANY PARTY, AT ANY TIME, WITH OR WITHOUT NOTICE
THE CONFIDENTIAL SUBMISSION SHALL NOT BE DEEMED TO BE A REPRESENTATION OF THE STATE OF AFFAIRS OF THE PROPERTY OR CONSTITUTE AN INDICATION THAT THERE HAS BEEN NO CHANGE IN THE BUSINESS OR AFFAIRS OF THE PROPERTY SINCE THE DATE OF PREPARATION OF THIS SUBMISSION
If either party does not wish to pursue negotiations leading to the placement of the equity or debt, or if in the future the Recipient or Sponsor discontinue such negotiations, you agree to return this Confidential Submission to the Sponsor
For additional information on this submission please contact:
Jay Curran Ben Collins
Chairman and CEO President, Multifamily jcurran@crescentcommunities.com bcollins@crescentcommunities.com 404-239-7251 615-369-0717
Jason LaBonte
Chief Investment Officer
Greg Minder
Managing Director, Florida jlabonte@crescentcommunities.com gminder@crescentcommunities.com 980-321-6243 512-466-0351
Sean McMullan
Ruth Evans
Senior Vice President, Capital Markets Director, Capital Markets smcmullan@crescentcommunities.com revans@crescentcommunities.com 980-321-6012 864-529-1145
Peter Sittema
Analyst, Capital Markets
Henry Brown
Senior Development Associate psittema@crescentcommunities.com hbrown@crescentcommunities.com 704-619-5223 404-895-8078
EXECUTIVE SUMMARY
RARE LAGOON ADJACENCY
NOVEL Mirada borders the Mirada Lagoon (largest in the country) and will be the first multifamily development in Florida with crystal lagoon adjacency. This unique development will provide beach and waterfront access to residents unseen at any other properties in the region. Metro’s lagoon communities have historically achieved 10–15% premiums on home sales which we believe will correlate to our rentals . Crescent has engaged a consultant to further analyze the value impact of lagoon adjacency and Metro branding. Sitework risk is additionally reduced as the site will be mass-graded with utilities stubbed to the property line. There are no deliveries expected in the State Route 52 corridor in either 2026 or 2027 further positioning NOVEL Mirada for a successful lease up.
PUBLIX SUPERMARKET PREMIUM
Directly across the street is the Publix-anchored Market at Mirada shopping center, allowing residents to walk to everyday retail necessities . Developed in 2021, the center has attracted significant investment to the area. Nearby, the region’s newest Premium Outlet Mall features upscale brands, while The Grove at Wesley Chapel offers a mix of national retailers, restaurants, entertainment, and the upcoming Container Park. The Shops at Wiregrass, a premier outdoor mall with seasonal events, is only 15 minutes away.
PREMIUM COMMUNITY DESIGN ON DISPLAY
NOVEL Mirada sits within the Mirada by Metro master development, where landmark fountains at the entrance create a strong first impression. The community distinguishes itself with an emphasis on thoughtful design, offering dog parks, trails, sports courts, playgrounds, and modern connectivity. Residents enjoy a true resort-style lifestyle with the Tampa Bay Golf and Country Club located just two miles away.
CONVENIENT REGIONAL ACCESSIBILITY
Located less than two miles from Interstate 75, NOVEL Mirada benefits from excellent regional access. Between the site and the interstate lies the new 965-acre Double Branch master-planned community, featuring 500K SF of retail and 200 acres of greenspace. Future plans include 5 .5M SF of industrial space, two hotels, 1M SF of office space, and additional residential uses. Just one exit south, Johns Hopkins Health will open a children’s hospital in 2027, adding 500 medical jobs. Moffitt Cancer Center’s upcoming Pasco campus will welcome patients in January 2026.
LOCATION
31219 Mirada Blvd San Antonio, FL 33576
CONSTRUCTION TYPE
4-Story Garden w/ Balconies
UNITS
256 Units
SIZE
238,560 Net Rentable SF
AVERAGE UNIT SIZE 932 SF
TOTAL DEVELOPMENT COST
$67,284,586 ($262,830/unit)
LP EQUITY
$22,876,759 ($89,362/unit)
SUSTAINABILITY
Minimum NGBS Bronze
AVERAGE PROFORMA RENT
$2,093 ($2.25/SF)
LAND CLOSE
December 2026
December 2026
LOCATION AND LIFESTYLE
NOVEL Mirada offers residents a highly differentiated lifestyle combining the laid-back atmosphere of suburban Florida with an unmatched set of convenient and recreational amenities The Mirada by Metro master-planned development was designed with live, work, and play in mind and provides a range of single-family housing options NOVEL Mirada will be the only multifamily rental community within the development This premier site borders the Mirada Lagoon, providing waterfront and “beach-style” access found nowhere else in the region.
PLAY
The Mirada community is anchored by a ~15-acre man-made lagoon the largest of its kind in the U S for this developer offering swimming, kayaking, paddleboarding, sandy beaches, and an overall resort-style experience Additional community amenities include dog parks, trails, sports courts, playgrounds, and modern connectivity features. Residents will also enjoy proximity to the highly regarded Tampa Bay Golf and Country Club, just two miles away.
LIVE
NOVEL Mirada benefits from exceptional access to retail, dining, and entertainment At the entrance to the community sits the Publix-anchored Market at Mirada, offering a variety of convenience retail including Great Clips, UPS, AT&T, a nail salon, and pet supply/grooming services Adjacent to the site is the newly announced Double Branch mixed-use community 965 acres featuring 500K SF of retail and 200 acres of greenspace. Future phases include 5.5M SF of industrial space, two hotels, 1M SF of office, and additional residential uses. Nearby retail destinations include the area’s newest Premium Outlet Mall with a wide array of upscale brands, The Grove at Wesley Chapel with popular retailers, restaurants, and family entertainment (including Cobb Theatre’s state-of-the-art Cinebistro and the upcoming Container Park), and The Shops at Wiregrass an outdoor mall featuring year-round seasonal events
WORK
Pasco County continues to solidify its position as a major hub of medical, life-science, and advanced industry growth within the broader Tampa metro area The Life Sciences & Medical Technology sector alone has expanded by 44 5% over the past five years, driven by sustained investment, strong regional population growth, and an influx of highly skilled workers Over the next decade, the county is projected to generate at least 15,000 additional jobs in this sector, reinforcing long-term demand for high-quality housing options. Two transformative healthcare developments anchor this momentum. Moffitt Cancer Center’s new $1.6B Pasco campus set to open in January 2026 will create thousands of direct and indirect jobs across research, clinical care, operations, and supporting industries Johns Hopkins All Children’s Hospital is also expanding into Pasco County with a new pediatric facility opening in 2027, bringing an estimated 500 new medical jobs and establishing another significant driver of employment and economic activity Beyond healthcare, Pasco County maintains a strong and diversified employment base. The region is home to more than 350 manufacturing companies employing over 4,000 people, with the sector growing 12.27% over the past five years and projecting an additional 1,300 workers needed in the next three years Business and professional services represent the fastest-growing industry in the Tampa metro area, expanding nearly 4% annually and expected to add 3,053 jobs in the near term Combined, these sectors highlight a deep, resilient employment ecosystem that supports sustained rental demand
RECREATION
The Mirada community is anchored by a ~15-acre man-made lagoon (the largest of its kind in the U.S. for that developer) that offers “beach-style” living (swimming, kayaking, paddleboarding, sand beaches) adjacent to NOVEL Mirada. Beyond the lagoon, the community features dog parks, trails, sports courts, playgrounds, and “modern connectivity”. Next door, the new Double Branch community will add an additional 200 acres of greenspace and trails.
WORK
Pasco County is integral to Southwest Florida’s reputation as an epicenter of medical innovation The Life Sciences & Medical Technology sector has grown by 44 5% over the past five years with at least 15,000 upcoming jobs in the next decade, thanks to Moffitt Cancer Center's upcoming Pasco campus, Speros FL, which will welcome patients in January 2026 Nearby, Johns Hopkins All Children’s Hospital is expected to open in 2027 and will add 500 medical jobs
At the community entrance, Publix-anchored Market at Mirada which also includes convenience retail such as Great Clips, UPS, AT&T, a nail salon, and pet supply/grooming Nearby Mirada, are the area’s newest Premium Outlets with many upscale brands Next door, the Double Branch community is slated to open 500K SF of retail anchored by a Harris Teeter grocer
The Grove at Wesley Chapel with its popular national and regional retailers, restaurants and family entertainment, including Cobb Theatre’s state-of-theart Cinebistro and coming soon The Grove’s Container Park Just 15 minutes away from Mirada are The Shops at Wiregrass, spectacular outdoor mall that features seasonal events
EMPLOYMENT OVERVIEW
The Tampa MSA is one of the strongest and fastest-growing markets in the nation. In 2025, Tampa reported an addition of 66,400 jobs, consistently ranking third-highest among U.S. metro areas in job growth, outperforming the broader U.S. market. Education & health services were the leading sectors in job gains. Residents of NOVEL Mirada will have access to the major employment hubs such as Wesley Chapel (20k+ employees / 10 minutes), Westshore (105K+ employees / 35 minutes), Downtown (77K+ employees / 30 minutes), Clearwater (15K+ employees / 50 minutes), Gateway (60K+ employees / 40 minutes), and Uptown Innovation Quarter (10K+ employees / 25 minutes)
M OFFITT C ANCER C ENTER C AMPUS ($1.6B)
14,000 EMPLOYEES
25 MINUTE DRIVE
15,000 EMPLOYEES
50 MINUTE DRIVE U PTOWN I NNOVATION
60,000 EMPLOYEES INUTE DRIVE C LEARWATER
G ATEWAY
ESLEY C HAPEL 20,000 EMPLOYEES 10 MINUTE DRIVE
105,000 EMPLOYEES 35 MINUTE DRIVE
OWNTOWN T AMPA
77,000 EMPLOYEES 30 MINUTE DRIVE
ORT T AMPA
EMPLOYEES
MINUTE DRIVE D OWNTOWN S T P ETE
30,000 EMPLOYEES 50 MINUTE DRIVE
