Pinewood Dr - 3.67 Acre Development Site for 28 Townhomes 3.67 Acres of Residential Land Offered at $1,181,245 CAD in New Port Richey, FL 34652

Approved 28-Unit Townhome Development | 3.67 Acres | New Port Richey, FL
This 3.67-acre prime multifamily development site located in the Timber Woods subdivision of New Port Richey presents a rare opportunity for builders and developers seeking an approved townhome project in a growing Tampa Bay submarket. The property consists of 20 platted parcels on Pinewood Drive and is strategically positioned just west of US Highway 19 with convenient access via Avery Road, providing excellent connectivity to major retail corridors, employment centers, and coastal amenities.
The site has received rezoning approval to Planned Development District (PDD – REZ2022-04) and is fully approved by the City of New Port Richey for a 28-unit townhome community, significantly reducing entitlement risk and accelerating the development timeline. With approximately 3.67 total acres and roughly 0.4 acres of conservation area, the project maintains strong site efficiency while preserving natural green space.
Currently heavily wooded and rectangular in shape, the property offers approximately 260 feet of frontage along the future extension of Petunia Court and extends roughly 615 feet in depth, allowing for an efficient and attractive townhome layout. Access to the development will be provided via Petunia Court, which will be extended east toward the subject site as part of the development plan.
The property is located within Flood Zone AE, and the existing architectural plans have been thoughtfully designed with living quarters elevated over 10 feet, addressing flood mitigation requirements while maintaining modern townhome functionality and market appeal.
Utilities including water, sewer, and electricity are available nearby, and the seller has already initiated the permitting process. Buyers will benefit from a substantial due diligence package and preliminary planning work already completed. Remaining items include SWFWMD permitting and tree mitigation requirements.
New Port Richey continues to experience strong population growth driven by its proximity to the Tampa–St. Petersburg–Clearwater metropolitan area, expanding infrastructure, and increasing demand for attainable housing options. This development opportunity is ideally positioned to capitalize on the region’s growing demand for both build-to-rent and for-sale townhome communities.