Golf-Course Living Redefined: Inside Tampa's Two Rivers Master-Planned Community

Tampa developer Jeffrey Hills, principal of Eisenhower Property Group, has big plans for the 5,400-acre Two Rivers master-planned community. Hills recently paid $35 million for 2,000 acres of land that will be developed into The Stewards at Two Rivers. The luxury community will feature three villages with estate homes, a private country club with a spa, recreational amenities, and an 18-hole golf course designed by renowned Scottish golf architect David McLay-Kidd. Custom homes in The Stewards will range from $700,000 to over $5 million.

While developing a golf course-anchored subdivision may seem like a contrarian play, Hills analyzed home sales in Tampa's private golf communities and is convinced there is demand. He notes that Tampa's most prestigious golf communities, such as Tampa Palms, The Club at Cheval, and Avila, were built in the late 1980s and are approaching 40 years of age. Hills sees this as an opportunity to offer something new to the market.

The Stewards is in the design phase, and Hills anticipates an opening in 2025. Lot development is already underway, with D.R. Horton and Lennar purchasing a combined 900 lots in Two Rivers. Both builders will open model homes in the second quarter.

Two Rivers will include nearly 6,000 homes, townhomes, apartments, and villas throughout more than 15 villages at completion. The project is also entitled for commercial development, with plans for 3.3 million square feet of office, retail, commercial, and industrial space. There are also plans for a co-located school for students in kindergarten through 12th grade, as well as a regional district park.

While the retail portion of the project is likely four to five years out, Hills is in discussions with Publix and a few mini self-storage providers. Additionally, beyond the golf course, Hills is considering a boutique "equestrian village" in The Stewards with 10 to 12 home sites and a master barn and arena.

Hills and EPG have been working on the earliest stages of Two Rivers since 2017 and have paid $70 million for the first 3,400 acres of land. Part of the process included striking a deal between Hillsborough and Pasco counties and the city of Tampa to extend utilities southward from Pasco County for The Stewards phase of the project. EPG does not have equity partners and has two primary lenders, both "small Wall Street hedge funds."

With lot development underway, Hills sees the timing for the project as great, with the builders set to hit an improving market 12 to 18 months from now. While The Stewards is a luxury community, Two Rivers is geared toward different levels of homebuyers, with the first phase for entry-level buyers, the second for move-up buyers, and the third featuring high-end homes from D.R. Horton and Toll Brothers.B