Mattamy Homes purchases remaining Randal Park land for $18 million
Homebuilder's activity in 2012 speaks volumes about major commitment to Orlando market
WINTER PARK, FL, Oct. 16, 2012 /PRNewswire/ - In a major signal of optimism about the future of the Orlando housing market, Mattamy Homes has purchased 100 percent of the remaining land in the sought-after Randal Park community. The deal, valued at $18 million, closed on Friday October 12, 2012, and is one of the most significant land purchases in Orlando in recent years.
Mattamy has purchased all 560 of the remaining lots for sale, giving the company a controlling interest in the community. The current approved land plan for Randal Park is for 760 lots.
When the Randal Park purchase is combined with the company's purchase earlier this year in Millennia Park, it brings Mattamy's recent commitment to the Orlando market to $30 million - a level unlike any other builder, says Steve Parker, President of Mattamy's US Group.
"With the way the housing market has started to improve, we see the demographic projections in Orlando making it one of the strongest markets in the state of Florida, in regards to employment and population growth," says Parker. "Our Randal Park investment will provide Mattamy with the inventory that's needed to handle the demand we feel is going to occur as the market continues to improve."
Mattamy anticipates that its sales in Randal Park will begin in the third quarter of 2013, along with the opening of model homes, with closings taking place by the end of 2013. Four different Mattamy product lines will be featured in the Randal Park community, including townhomes and single-family detached homes. Mattamy will also be building all the on-site amenities, which may include a swimming pool, splash pad, club house and children's play area.
Randal Park is located in the Lake Nona sub-market, which is fast becoming one of the premier locations in the Orlando area. It is known for its great schools, with one of these currently under construction on-site in Randal Park (the elementary school is anticipated to open in the fall of 2013).
Mattamy is making a name for itself in the Orlando market, where it launched operations just three years ago in 2009 - the largest builder in Canada, with operations in five US markets, was acknowledged earlier this year as the fifth largest builder in Central Florida by dollar value of homes closed.
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About Mattamy Homes
Mattamy Homes is Canada's largest new home builder, with operations across Canada and the United States. Mattamy has built more than 50,000 homes in 150 communities, and counting. In Canada, those communities stretch across the Greater Toronto Area, as well as in Ottawa and Calgary, while in the United States, the company is represented in five metropolitan areas: Minneapolis, Charlotte, Phoenix, Jacksonville and Orlando. Visit www.mattamyhomes.com for more information.
SOURCE Mattamy Homes Limited