At Saddlebrook Resort in Wesley Chapel, Mast Capital isn't trying to build a brand-new destination.

"We internally refer to it as Saddlebrook 2.0," Jordan Kornberg, managing director of acquisitions for Saddlebrook, told the Tampa Bay Business Journal. "We're just trying to take what was once wildly successful and bring it into today's era."

Miami-based Mast Capital paid $15 million for the 480-acre resort in March 2022, according to Pasco County property records. Since closing on the property, Mast has been working through a multimillion-dollar renovation of the property, home to a world-class tennis academy and a 500-key hotel-condo. In July 2023, Mast received approval from Pasco County commissioners for its redevelopment master plan, which will add a town center and hundreds of residential units to the property.

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The hotel-condo renovations are slated to start later this year. The additional development on the Saddlebrook property was projected to begin in late 2023 or early 2024. Work on the golf course is scheduled to begin in the second quarter, Kornberg said.

The developer's vision for restoring Saddlebrook has already grabbed the attention of the Professional Tennis Registry and Professional Pickleball Registry, which announced in mid-January that they would move their headquarters to Saddlebrook from Hilton Head Island, South Carolina.

"This move signifies a pivotal moment for our organizations," Lynne Rolley, PTR board chair, said in a statement. "The new office at Saddlebrook Resort is not just a location change; it's a strategic decision to position ourselves for sustained growth and excellence. We believe this move will empower our team and strengthen our commitment to delivering exceptional service for our membership.”

The developer has offered condo owners financing options to pay for renovations to individual units. At the same time, Kornberg said, Mast is also acquiring units from owners who didn't want to participate in the renovation. As of Feb. 26, Mast Capital has acquired 82 of the hotel-condo units and has additional ones under contract. The deadline for owners to sign up for the renovation plan is in March, Kornberg said.

Beyond the town center, Mast Capital's redevelopment plan will also add a 120-unit townhouse community and 25,000 square feet of commercial space to the Saddlebrook property.

"We've made the investment to date in terms of trying to address deferred maintenance issues, and I think we've seen a return on that," Kornberg said. "We're certainly seeing excitement about Saddlebrook. But at the same time, there are also a lot of people who say, 'OK, once the property is renovated, that's when we'll come back.'"

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