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May. 20, 2013

Mattamy to Develop its Biggest U.S. Community on Newly Acquired Land

By Georgiana Mihaila, Associate Editor

Mattamy Homes, Canada’s largest homebuilder, plans to introduce its highly successful master-planned community model to the Orlando market. The company will build its biggest exclusive master-planned community in the US, having recently paid $15 million for the Tapestry property in the City of Kissimmee.

The deal—which will close in the late second quarter of 2013, pending final approvals from the City of Kissimmee—is for nearly 250 acres of land located south of Osceola Parkway and East Dyer Blvd on Carroll Street.

Mattamy’s plans for the land include up to 1,100 lots across a variety of product types (townhomes and single-family homes), a clubhouse, swimming pool, park areas, water areas with three lakes over 10 acres each and several more ponds located throughout the property. According to the developer, pricing will start from the mid-$100,000s.

“This will be Mattamy’s first master-planned community in the Orlando market, and our largest such project in all of our US markets. It will be totally Mattamy, from raw dirt to complete community, and we’re very proud and excited about that opportunity,” says Steve Parker , president of Mattamy’s US Group. “Mattamy has a long history of developing large master-planned communities in Canada, and we’re looking forward to bringing that successful model to life here in Orlando.”

The grand opening for sales of Tapestry is projected to be in the second quarter of 2014, and the first homeowners should be closing on their homes in the late third quarter of 2014.

The Tapestry purchase is Mattamy’s third major acquisition in the Orlando market in the last year, totaling approximately $50 million and the potential for some 2,000 homes. Existing Mattamy communities in the area are Nona Preserve, Azalea Cove, Millenia Park, Waterford Creek, Reserve at Loch Lake in Sanford, and Jesup’s Landing in Winter Springs.

Image via Mattamy Homes

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