A significant mixed-use development proposed along the Port Richey waterfront is moving closer to reality, potentially bringing hundreds of new residents, commercial space and public waterfront amenities to the city.

Vela at Cotee River Landing is planned for 8.53 acres at 7944 Bayview Street, west of U.S. 19 along the Port Richey waterfront. The development calls for 240 multifamily residences and up to 24,200 square feet of commercial space across two phases. Beacon Media

The Port Richey City Council approved the first reading of the project’s rezoning ordinance on September 22. The proposal would change the property from Waterfront Commercial and General Commercial zoning to a Planned Unit Development, or PUD. A second and final reading is scheduled for October 13, 2026. Beacon Media

240 New Residences Planned

Ohio-based developer Kruger Group acquired the property in 2025 and plans to construct Vela in two phases.

Phase one would deliver 100 multifamily units in buildings reaching a maximum of three stories or 40 feet. Phase two would add another 140 residences, along with the project’s commercial component, with buildings potentially reaching six stories or 85 feet. Beacon Media

Additional reporting indicates the residential portion is expected to include both apartments and townhomes across multiple buildings. Florida YIMBY

New Commercial Space and Waterfront Amenities

Vela is designed as more than an apartment development. Plans incorporate commercial uses alongside substantial recreational and public spaces.

The development is expected to include a waterfront boardwalk, swimming pool, event lawn, public plazas, green space and a pond, along with more than 400 parking spaces. Florida YIMBY reports plans include approximately 33,000 square feet of boardwalk, 3,700 square feet of event space and 1.7 acres of open space. Beacon Media

That combination could create a new destination along a section of the Pasco County waterfront that Port Richey has been working to reposition.

Part of a Larger Vision for Port Richey’s Waterfront

The project aligns with the city’s broader Cotee River Landing vision.

Port Richey has been developing policies intended to encourage new development, infrastructure investment and greater public access along the Pithlachascotee River and Millers Bayou. The city’s planning effort identifies the waterfront as both a community destination and potential economic driver. City of Port Richey

City Planner Tammy Vrana described Vela as potentially the first major mixed-use project to help implement the city’s vision for a more active waterfront district. City officials also believe a successful development could encourage additional private investment in surrounding properties. Beacon Media

What It Could Mean for Port Richey Commercial Real Estate

From a commercial real estate perspective, Vela at Cotee River Landing could represent an important catalyst for Port Richey.

Adding 240 households directly to the waterfront increases the immediate customer base for restaurants, retail and service businesses. The project’s 24,200 square feet of commercial space could also establish a new concentration of businesses within walking distance of the residences and waterfront amenities.

Perhaps more importantly, a successful project of this scale could demonstrate the viability of higher-density mixed-use development in an area of Pasco County historically dominated by lower-density commercial and residential uses.

The city is already pursuing a broader waterfront redevelopment strategy, meaning Vela could become an early anchor for additional investment rather than an isolated project. City of Port Richey

Plans currently call for the development to be completed around summer 2027, although the project must still clear the remaining approval process. Beacon Media