New plans for White Oak PlantationPublished 1:13pm Friday, January 4, 2013
Tryon Equestrian Properties purchases for $11M
After being auctioned off last year, White Oak Plantation sold last week to Tryon Equestrian Properties LLC for $11 million.
The property closing occurred on Monday, Dec. 31 and was purchased from Overmountain Trace Holdings LLC.
Overmountain Trace Holdings won the auction last year for the property with a final bid of $4.75 million. Tryon Equestrian Property also made bids during the auction.
The Polk County Planning Board will have its first look at a proposed development agreement on Thursday, Jan. 10 at 5 p.m.
The proposed development agreement turned into the planning board from Tryon Equestrian Properties states the developer anticipates a long-term investment that could exceed $90 million with the tax base exceeding $500 million.
The approximate 1,000-acre property, located off Pea Ridge Road in the Green Creek Township, has plans to include a maximum of 800 dwelling units including single-family residential and clustered multi-family condo/townhouses. The development also plans to include a 350-unit hotel/lodging, private and public clubs; sports and recreation both indoor and outdoor including golf, tennis, fishing, hiking and nature, obstacle courses; multi-discipline equestrian center, summer camps, retail stores, restaurants, offices, fitness, spa and wellness center; camping/rental cabins/RV park; museum, covered arena, indoor arena, amphitheater, winery/vineyard; hospitality/convention center; lighted stadium with seating for 6,000; heliport, festivals; stabling for horses or other animals; auctions (animal and/or products); temporary tents; conservation easements or areas and retirement facilities, independent living and assisted living up to 100 units.
The development agreement is asking for rezoning of the property, which is currently designated as Multiple Use (MU) zoning.
“The developer intends to broaden the development focus from a golf course community into a premiere international Equestrian Lifestyle Destination (ELD),” states the draft development agreement. “The developer intends for the ELD to include a world class equestrian venue which would support both licensed and non-licensed equestrian events, a golf course, hotel resort and convention center, a top quality spa and fitness center, as well as support many diverse recreational, sport and cultural events and activities that can position the development to support year-round economic impact.”
The draft agreement also says the property, subdivision, original master plan, the permit and master plan are to be known as White Oak Plantation.
“The members of the developer have significant experience in developing and/or operating equestrian events and venues,” states the draft agreement. “The primary members of the developer are also the primary members and the managing members of Wellington Equestrian Partners LLC (WEP) who are the owners of the world renowned Winter Equestrian Festival (WEF) in Wellington, Florida (located in Palm Beach County). The Winter Equestrian Festival is the largest and longest running equestrian festival in the world attracting over 5,000 horses from 50 states and 31 countries for the 12-week festival (Jan-April). WEP also owns and operates the Palm Beach International Equestrian Center (PBIEC), which is the home of the WEF. The PBIEC is a private facility, which is also located in Wellington, Florida, which many consider one of the top three facilities in the world.”
The planning board is not scheduled to take a vote on the development agreement or rezoning request this week.
The planning board will make recommendations to the Polk County Board of Commissioners who will make the final decisions on the rezoning and development agreement.