Mattamy Homes purchases Thomas Ranch property for $86.25 million
Mega-deal positions leading North American builder for long-term success in southwest Florida
OAKVILLE, ON, May 29, 2014 /PRNewswire/ - In one of the largest residential land transactions in the United States in the last 10 years, Mattamy Homes has purchased the Thomas Ranch property from Thomas Enterprises. The deal, valued at $86.25 million and encompassing more than 9,600 acres, closed on Wednesday May 28, 2014.
Thomas Ranch is located in southwest Florida, in the Sarasota metropolitan statistical area (MSA), with more than 6,000 acres in the City of North Port and another 3,650 acres in unincorporated Sarasota County. The site is primarily undeveloped, with approvals for more than 11,000 homes and 3 million square feet of commercial development.
The acquisition of Thomas Ranch represents the largest real estate purchase for Mattamy Homes during its 10+ years of operation in the US.
"Tracts of land that are this size are extremely rare, they don't come to the market very often," says Peter Gilgan, Mattamy's Founder and Chief Executive Officer. "What was compelling about the deal was that the property has development timelines that are almost generational in length. And we're also extremely excited about the growth potential of this part of Florida – we believe that the baby boomer demographic will continue to look to Florida as a place they want to retire, and this parcel of land will serve that need exceptionally well."
When developed, Thomas Ranch will feature a wide array of community and product types, as well as price points, designed to appeal to a variety of homebuyers, starting with retirees but also first-time buyers and growing families. The very first community will feature Mattamy's thoughtful and well-designed home plans. Development is expected to begin in 2016.
"Our plans at this point are still being formulated, but we anticipate taking this very large and well positioned piece of land and creating a series of large communities that would be developed by Mattamy and select builders who share our vision for the property," says Brian Johnston, Mattamy's Chief Operating Officer. "As part of all this we're going to continue to study the market's needs and wants, and ensure that each piece of land is targeted in the proper direction. This will include working closely with the municipalities so that we adhere to all their requirements before moving forward."
Vanguard Land, a local real estate development and investment firm based in Sarasota, FL, will be a minority partner in the property and will provide high-level strategic planning and direction for Thomas Ranch.
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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