Mattamy Homes purchases RiverTown community for $43.6 million
Leading North American builder takes ownership of one of Florida's finest existing master-planned communities, on St. Johns River in Jacksonville
JACKSONVILLE, FL, April 3, 2014 /PRNewswire/ - In one of the most significant real estate transactions in north Florida in the last 10 years, Mattamy Homes has purchased the RiverTown community from the St. Joe Company. The deal, valued at $43.6 million and encompassing 4,057 acres, closed on Wednesday, April 2nd, 2014.
RiverTown is the only riverfront master-planned community in Jacksonville. About 150 families currently live there, and it is approved for up to 4,950 homes, meaning that more than 10,000 people will eventually call this sought-after and family-friendly neighborhood home.
"We are so excited about our acquisition of the RiverTown community, which is the largest real estate purchase that Mattamy has ever done in the United States," says Steve Parker, President of Mattamy's US Group. "Our company has a long history of developing large master-planned communities, and we're looking forward to bringing that successful model to life in RiverTown. Our development vision will capture the full potential that this unique riverfront property has to offer."
Mattamy is in the process of formalizing what home sites, styles and square footages will go where in the community. These will range from multi-family homes to single-family homes to estate homes along the riverfront. Sales and construction are estimated to begin in the fall of 2014. Ultimately the project may last up to 15 years.
The previous owners had the vision to conceptualize and commence work on what discerning buyers would agree could become a superb, fully amenitized community, with superior transportation links, says Parker. "When we began to investigate purchasing the property, we saw that while the orientation of RiverTown toward the St. Johns River was logical, it was an impediment to its ongoing success, because the entrance to the community is not a short commute. Once there, however, the amenities and ambiance of RiverTown are undeniable. So our plan is to create a commuter-friendly entry south of Bartram Trail High School on Long Leaf Pine Parkway. We're commencing work on this concept and hope to have the entry opened as quickly as timing permits. And we're not stopping there, as we're excited to put RiverTown on the map by expanding the already extensive list of reasons to live there!"
Some of RiverTown's amenities include the RiverHouse Community Clubhouse, 58 acres of natural space, RiverTown fitness center, tennis courts, junior-sized Olympic lap pool, kid-friendly zero-entry community pool, and community dock and fishing pier, as well as event lawns and jogging trails that provide waterfront views.
Located in the highly regarded St. Johns County School District (St. Johns County schools have received an overall grade of "A" nine years in a row by the Florida Department of Education's District Grade Report), the RiverTown community has reserved land for two on-site elementary schools and a middle school, with a high school already built and complete.
"We've seen an increased demand for home sites in the submarket of Northwest St. Johns County and are thrilled to continue to offer homes in this market," says Parker. "Along with a number of other significant purchases over the last year, our RiverTown acquisition is another example of Mattamy's confidence in the future growth of the Florida housing market and our commitment to being a major presence over the long term."
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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 60,000 homes in hundreds of communities across North America. In Canada, those communities stretch across the Greater Toronto Area, as well as in Ottawa, Calgary and Edmonton, while in the United States, the company is represented in six metropolitan areas: Minneapolis, Charlotte, Phoenix, Jacksonville, Orlando and Tampa-Sarasota. Visit www.mattamyhomes.com for more information.
SOURCE Mattamy Homes Limited