6725 S Rainbow Pt - 19.3± Acres | Cardinal Mixed-Use IMA 19.3 Acres of Commercial Land Offered at $1,100,000 in Homosassa, FL 34446

19.3± Acres | Cardinal Mixed-Use IMA | Suncoast Parkway Interchange | Citrus County, FL
This 19.3± acre development tract is strategically positioned within the Cardinal Mixed-Use Interchange Management Area (IMA), just east of the recently expanded $135 million Suncoast Parkway (SR 589) interchange in Citrus County, Florida. Situated along one of the primary northward growth corridors extending from the Tampa–St. Petersburg MSA, the property benefits from interchange-level access and sustained public infrastructure investment that continues to fuel residential and commercial expansion throughout the region.
The site falls within the designated Mixed-Use Development area, allowing residential densities ranging from 6 to 20 dwelling units per acre subject to Master Planned Development (MPD) approval. Based on approximately 18± acres within the mixed-use designation, the property presents a theoretical development yield ranging from approximately 119 units at 6 dwelling units per acre to as many as 386 units at 20 dwelling units per acre. This density flexibility supports a variety of development concepts including multifamily, build-to-rent communities, townhomes, or integrated mixed-use residential projects, providing scale and adaptability in a supply-constrained corridor.
Infrastructure accessibility materially enhances the feasibility profile of the site. A jurisdictional pressure sewer system is located within approximately 2,000 feet of the property boundary, and a 12-inch water main is available for direct connection, providing the necessary capacity to support MPD-level development intensity. The combination of density allowances, utility proximity, and interchange positioning establishes this parcel as one of the more compelling large-scale residential opportunities within the expanding Suncoast Parkway corridor.
Citrus County remains one of Florida’s strongest emerging growth markets, with a current population of approximately 153,600 residents projected to exceed 350,000 by 2030 according to County planning estimates. The region continues its transition into a major residential, healthcare, and service hub within the Tampa Bay sphere of influence. The completed parkway expansion and planned northern Phase 3 extension—located just north of the subject property—will provide direct one-hour connectivity to Tampa International Airport and surrounding employment centers, significantly increasing regional mobility, tourism flow, and housing demand.
Within a 15-minute trade area, the site serves approximately 46,361 residents with stable demographics, including an average age of 58 and a median household income of approximately $65,000. The convergence of sustained population growth, expanding infrastructure, and interchange-controlled density positions this property as a high-visibility, scalable, and future-proof development opportunity in one of Florida’s advancing growth corridors.
Mixed-Use Development Framework – Cardinal IMA
The subject property is located within the Cardinal Interchange Management Area (IMA) and is governed by the County’s Mixed-Use Development standards, which are specifically designed to promote compact, integrated, and infrastructure-supported growth around interchange nodes.
Minimum Parcel Size
A unified Master Plan Development (MPD) within the Mixed-Use area requires a minimum of eighteen (18) acres. This requirement may be satisfied through aggregation of contiguous parcels within the IMA, including parcels divided by local streets, provided access connectivity is maintained.
If surrounding parcels have already been approved in a configuration that precludes aggregation of the full 18 acres, development may proceed with all available contiguous acreage, provided the project maintains accessibility to surrounding parcels and supports coordinated growth.
Each phase of a mixed-use project must be designed to function independently if subsequent phases are not developed. Infrastructure, landscaping, and built improvements must allow each phase to stand on its own.
Mix of Uses
Mixed-use development may be structured horizontally or vertically. Uses may be contained within separate freestanding buildings or combined into multi-story or single-story mixed-use structures.
Where residential uses are integrated with commercial or office components, residential units are generally encouraged above commercial/office uses or positioned behind them with distinct separation of access. Pedestrian connectivity must be incorporated as part of a unified development plan.
All mixed-use developments must contain at least two land uses, one of which must be residential.
Residential Density Parameters
Permitted residential types include:
-Single-family detached
-Townhouses (attached)
-Duplexes and triplexes
-Multifamily apartments
Density is permitted at a minimum of 6 dwelling units per acre and a maximum of 20 dwelling units per acre.
No more than 50% of total dwelling units may be single-family detached within a mixed-use development, ensuring a balanced housing composition.
Preferred Development Pattern
The County encourages compact, pedestrian-oriented neighborhoods and urban centers rather than strip-style commercial sprawl. Development should be clustered, with commercial uses concentrated in defined centers.
Shorter block lengths are encouraged to promote walkability. Mid-block connections, pedestrian pass-throughs, and plaza areas are recommended to enhance accessibility and gathering space.
Placemaking & Design Intent
The framework emphasizes:
-Public gathering spaces (small, medium, and large scale)
-Integration of public art and focal points
-Pedestrian and bicycle connectivity
-Balanced land use that reduces vehicle trip lengths
-Inclusion of civic uses where feasible
-Diversity of housing types and price points
Higher density residential and senior housing are encouraged near commercial centers and community facilities to enhance accessibility and walkability.
Circulation & Connectivity
Developments must provide a well-defined, interconnected circulation system linking building entrances, public spaces, trails, and transit corridors. The intent is to create efficient internal movement while reducing overall trip length and encouraging walking and bicycling.