TAMPA, FL—Hines just bought the 536-acre Behnke Ranch property in Tampa. The international real estate firm plans to develop a signature mixed-use, master-planned community on the site. The Behnke family sold the property to Hines for an undisclosed amount.

The property is located on State Route 54 in Pasco County, one of the Tampa Bay area's most active suburban growth corridors, about 20 minutes from Tampa's Westshore submarket and the Tampa International Airport. The new development will be highly visible due to its mile-long frontage on SR 54.

"Behnke Ranch was one of the most exciting large tracts of land available in the Southeastern United States, and it presents a terrific opportunity for a large-scale, high-quality master-planned community," says Hines managing director Lane Gardner. "Tampa has bounced back swiftly with positive job growth creating significant demand for commercial space, quality single-family housing and apartments. We look forward to meeting this demand by delivering a highly sustainable, mixed-use development."