A 384-unit luxury apartment complex is now under construction at one of Wesley Chapel's busiest intersections, adding hundreds of new homes within walking distance of three hospital campuses and the area's largest retail centers.

Aventon Wesley Chapel broke ground on more than 19 acres at the southwest corner of State Road 56 and Meadow Pointe Boulevard, with leasing expected to begin in early 2028. The project secured a preferred equity investment from Chevy Chase, Maryland-based real estate firm FCP, announced Thursday, July 30, through FCP's Structured Investments platform.

It's the developer's second Wesley Chapel community. Aventon Meadows, a 360-unit complex at 4747 Meadow Pointe Blvd., opened in 2024.

"Pasco County's economy continues to demonstrate remarkable strength, supported by sustained population growth and rising household purchasing power," Tom Suminski, senior managing director of Aventon Companies, said in the company's July 30 groundbreaking announcement.

The six four-story residential buildings will be arranged around a central pond and offer one-, two- and three-bedroom units. Planned amenities include a resort-style pool, 24-hour fitness center, clubhouse with coworking space and a pet spa. Cormia Design Group is the project architect, with interiors by Studio 5 Interiors, Inc.

FCP, a subsidiary of Federated Hermes, Inc., has invested in or financed more than $14.8 billion in gross asset value since 1999. Bruce Gago, who leads FCP's Florida office, said the deal builds on a prior partnership with Aventon on a Clearwater project called Aventon Lana.

The site sits roughly four miles from Interstate 75 and near AdventHealth Wesley Chapel, BayCare Hospital Wesley Chapel, the future Orlando Health Wiregrass Ranch Hospital, The Shops at Wiregrass, Tampa Premium Outlets and The Grove at Wesley Chapel. Pasco County's population has grown approximately 20% over the past five years, the fastest rate among Tampa Bay-area counties, according to Aventon.

Residents near the intersection should also expect road work: a $19.8 million FDOT resurfacing project on SR-56 from Bruce B. Downs Boulevard to Meadow Pointe Boulevard is scheduled to begin Tuesday, Aug. 25, with intersection improvements at Meadow Pointe Boulevard and SR-56 that will add two 12-foot lanes for left-turn movements. That project is expected to wrap up in fall 2027, overlapping with much of the apartment construction timeline.