Delayed eight months by bankruptcy, a major project along County Road 466A across from Pinellas Plaza in Wildwood finally may be getting under way.
Wellstone Living has applied for a permit to grade the property and complete a drainage plan. Utility construction could begin shortly afterward.
The former owner, WholeLife Properties, announced in December 2015 that the planned development on about 154 acres would include 543,500 square feet of commercial space, 172,240 square feet of institutional space and more than 700 homes and apartments. The property is east of County Road 462, next to the Trailwinds development
The first phase, scheduled to begin as early as last spring, called for 400 luxury bungalows expected to rent to adults age 55 and older on three-year leases for $3,000 to $4,000 a month. An apartment building of up to six stories also was planned for the site.
But the project was delayed when WholeLife filed for bankruptcy protection last June after a lender’s letter threatened foreclosure on property the company owns in McKinney, Texas. Bankruptcy documents listed John P. Lowery as the sole owner and member of WholeLife Properties and WholeLife Companies.
Bankruptcy proceedings ended in late February when the company’s Craig Ranch property in McKinney, Texas, was sold for $7 million to Wellstone Financial, an affiliate company.
Under an agreement with the city of Wildwood, the project is required to have 15 percent of the property in open space, including wetlands, preservation areas, green space and landscape buffers. The property includes a 5.3-acre wetland.
A gopher tortoise survey is required three months prior to construction and, if tortoises are found, the developer must arrange for relocation. The agreement also requires a system of sidewalks that encourage walking and bicycling.
Meanwhile, at the adjacent Trailwinds development, that developer is seeking city approval for a 4,968-square-foot Circle K gas station and convenience store. The property would include paved parking and other improvements.
A Lowe’s home improvement center and an Aldi grocery store also are planned for the property, along with an assisted living center and homes. The city also has given permission for an indoor shooting range. A final plat for the project was approved by Wildwood in January.
When completed, the Trailwinds development will include 296 homes, 462 assisted living beds, 572,750 square feet of retail space and 151,500 square feet of office space.
