Kennedy Funding Saves the Day for Developer

William Planes' company, Trinity Town Center, LLC, owned a 13.49-acre parcel of land in the Trinity area of Pasco County, Florida, and had obtained final subdivision approval and permitting for development of a mixed-use Retail and Office Complex. Everything looked to be in order for Planes' envisioned destination lifestyle center.

The development would be impressive when finished. It would have over 200,000 square feet of office and retail space in 15 buildings of one, two, and three stories. There would also be several restaurants, commercial and medical uses, along with 845 parking spaces, about half of which would be on the surface. The attractive complex would combine a traditional look and a contemporary feel, with masonry construction and streets surfaced with pavers.

And Planes wanted to get started, for a couple of compelling reasons.

First, he had all his approvals and permits, and there was no need to wait. The second and most compelling reason was that pending impact fee increases would elevate the cost by literally millions of dollars, a powerful motivation to commence construction. Planes had thought that the problem was solved when he received a commitment from a private lender for a loan that would allow him to start building. But after ten months of waffling and excuses, the lender couldn't fund--and Planes was without a loan.

So, to avoid the crippling fee increases, Planes began anyway, without funding and using his own money. He preserved the lower impact fees, but found himself needing a loan to continue the project. And, admittedly, he was now a bit leery of private lenders.