One of Central Florida’s most active homebuilders appears to have bought a stake in a huge new Orlando community planned for 6,400 homes on the southeast corner of state roads 417 and 528.
Canadian homebuilder Mattamy Homes on Jan. 9 announced it made a “substantial investment” in Beachline South Residential LLC, an entity of Palm Beach Gardens-based Land Innovations LLC that is building out the massive Starwood DRI. Terms of the agreement weren't disclosed and public records don't reveal any recent property sales.
However, the nearly 2,600-acre project — which in the past the developer described to Orlando Business Journal as a “mini Lake Nona”— is planned for 4,400 single-family homes and 2,000 apartments and about 500,000 square feet of retail/office uses at build out.
Land Innovations began pursuing permits to begin site work last fall, as OBJ previously reported. The project includes an extension of Dowden Road.
Proposed home sites will range from 20-foot town home lots to 70-foot estate lots, Mattamy Homes said in a news release. Communities amenities will include centers of different sizes throughout the community as well as a more than 20-mile system of interconnected walking trails and bike paths. Pricing hasn’t yet been determined.
“Orlando continues to demonstrate that it is one of the strongest markets in the state of Florida, as evidenced by the positive demographic trends including employment and population growth,” Mattamy Homes Orlando Division President Alex Martin said in a prepared statement. “We consider the Starwood Property an excellent complement to our existing Randal Park community and an opportunity to maintain our strong presence in this highly desirable and rapidly growing area of Central Florida.”
Beachline South Residential Manager Jay Thompson added: “Given their exceptional track record and experience in executing large, master-planned communities, Mattamy Homes was an obvious choice as the exclusive single-family homebuilder for Starwood."
Mattamy Homes plans to leverage its existing architectural portfolio, including home designs from the nearby southeast Orlando community of Randal Park.
Mattamy Homes, which has its U.S. operations based in Orlando, had 348 new housing starts in Central Florida last year, including 186 multifamily starts, according to OBJ research. The builder reported nearly $100 million in 2015 home closings, OBJ research showed.
Source: Orlando Sentinel