Now a plan is under way to introduce smaller, more affordable houses to the 600-acre subdivision tucked in the southwest corner of Cross Creek Boulevard and Morris Bridge Road.

Kolter Land Partners, a Florida-based developer, wants to build a new neighborhood called Capri Isle. It would feature 115 one- and two-story houses on a small parcel north of Cory Lake Boulevard near the Morris Bridge Road gatehouse.

"We are right now going through the planning process with the city," Kolter Land Partners President Jim Harvey said this week.

Kolter is a land acquisition and development company with corporate offices on Hidden River Parkway near Fletcher Avenue and Interstate 75. It hired Ryan Homes to be the home builder.

"Cory Lake is a mature, established community," Harvey said. "New Tampa is a highly desirable area for people moving to Tampa, with quality schools."

Harvey envisions a cozy neighborhood with three- and four-bedroom houses ranging from 1,700 square feet to 2,800 square, he said. Home prices were not available.

Cyril Spiro, a Cory Lake Isles resident, said residents were told home prices would be based on $100-per-square-foot or slightly higher. Spiro also is a member of the Cory Lake Isles Community Development District Board of Supervisors.

The lots would be 45- to 50-feet wide by 90-feet deep, compared to properties in other parts of the community which average about 70-feet wide by 120- to 125-feet deep, Harvey said.

In the exclusive Cachet Isle neighborhood, where houses span 4,400 square feet or more, the lots are larger.

"We are restricted by the size of the lots," Harvey said. However, "we think it (Capri Isle) will be a great addition not just for our new residents but existing residents as well."

Houses in Capri Isle will be well designed and feature quality craftsmanship, with upscale interior finishes, Harvey said.

Kolter also will build a community pool, boosting the amenities in a community with existing tennis and basketball courts, a playground, multipurpose field, community clubhouse and fitness center.

If approved, Capri Isle would be the first major home construction project in the subdivision in some time.

The property spans the 27-acre Cory Lake Isles Phase 7 site in the secluded waterfront community developed by Gene Thomason, a lifelong Tampa resident. He bought the 600-acre tract in 1970 and began to transform it to look like a tropical oasis a decade later.

Designed for 800 homes, Cory Lake Isles is an island-themed haven with homes surrounding a 165-acre man-made lake complete with imported sand on a lakefront beach.

Brick streets, tropical landscaping, and 17,000 acres of forest and wildlife preserve areas add to the amenities.

Thomason, who lives in Cory Lake Isles, planned to build townhouses where Capri Isle is being proposed. Construction workers installed sewer lines and brick streets years ago, but the townhomes never went up.

Thomason sold the land to Avatar LLC several years ago in hopes it would complete the townhome project. Avatar fell behind in tax and bond payments tied to the property owners.

Kolter Land Partners assumed the debt and company officials hammered out a deal with Hillsborough County to cover the unpaid taxes. Kolter found a company to buy the delinquent bonds and negotiated an agreement with Cory Lake Isles residents to resolve their debt obligations in connection with the defaulted bonds.

In turn, Kolter recently took ownership of the Phase 7 site to develop it.

Residents had mixed feelings about the outcome. Some supported the Kolter deal; others didn't.

Spiro said he fought to the end to help the community negotiate the best deal possible with Kolter. He believes the agreement with Kolter that allows the homeowners to resolve their portion of the debt in connection with the defaulted bonds is a win-win for both sides.

Capri Isles residents will be assessed annually to help pay for pool maintenance, neighborhood infrastructure and the common areas.

"In exchange for what you pay, you will get a home in an upscale community with a lot of amenities and beautiful surroundings," Spiro said.

Jeff Sheldon, a nine-year resident who served on the negotiating committee, agreed.

"I think it was" a good deal, Sheldon said. "Of course, you are not going to make everybody happy, but it was as fair a process as you are going to get."