Mattamy Homes signs deal to purchase 4,057 acres in 4,500-home RiverTown master-planned community in Florida from St. Joe for US$43.6M, with deal to close by March 30; 200 lots in community under construction as of July

Allison Oesterle

LOS ANGELES , January 16, 2014 (Industry Intelligence) – St. Joe Co. agreed on Dec. 31, 2013, to sell the remaining 4,057 acres of its St. John’s County, Florida, master-planned community RiverTown to Mattamy Homes for US$43.6 million, the Jacksonville Business Journal reported on Jan. 7.

For several years, RiverTown was at a standstill with only 14 houses built.in three years. However, with the recovery of the housing market, 200 lots were under construction in the region by July 2013.

The 4,170-acre RiverTown community will host a total of 500,000 sq. ft. of retail, office and industrial space and 4,500 single-family and multifamily homes.

David Weekley Homes has been building at RiverTown since it broke ground in 2008, and Dennis Homes Inc. has been involved April 2011, according to the Jacksonville Business Journal.

The Mattamy Homes and St. Joe deal will close by March 30, after the inspection period is completed Feb. 28.

Mattamy Homes is Canada's largest new homebuilder, with operations across Canada and the U.S., with operations encompassing land acquisition, community design and development, as well as housing and parkland design and construction, its website states.

The primary source of this article is the Jacksonville Business Journal, Jacksonville, Florida, on January 7, 2014.

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