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Mattamy Homes pays $17M for third takedown in Celebration

Mattamy Homes is building six model homes in Phase 1 of Celebration Island Village.
Mattamy Homes is building six model homes in Phase 1 of Celebration Island Village. (Handout)

With construction well underway on its first model homes in Celebration Island Village, Mattamy Homes paid $17 million this week to close out its land acquisition of the final phase in the Disney master-planned community.

The transaction brings the Canada-based builder’s total land investment to $48 million. Mattamy bought the first two phases from Disney’s The Celebration Company in 2017 and 2019. The property has entitlements for over 1,000 single-family homes, 300 apartments, 30,000 square feet of neighborhood commercial, an elementary school and five acres for park or civic uses.

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Orlando Division President David Baselice said Mattamy is eyeing late March or early April 2021 for its model opening and will roll out a marketing package with elevations, floorplans and pricing information about 30 days before opening. He expects the first home sales to close in the calendar year.

A trellis bridge over Reedy Creek will mark the entrance into Celebration Island Village.
A trellis bridge over Reedy Creek will mark the entrance into Celebration Island Village. (Handout)

Mattamy Homes will offer all-new floor plans exclusive to Island Village. With three, four or five bedrooms, the open concept designs will offer 1,613 to over 3,200 square feet of living space and two- and three-car garages. Architectural styles available consist of Classical, Colonial, Coastal, Mediterranean, and Craftsman.

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Phase one is divided into two subphases and approved for 87 townhomes, 191 detached homes and a 300-unit apartment complex with 10,000 square feet of ground-level retail. Dallas-based Streetlights Residential has filed building permits for the first multifamily buildings and is expected to close on the property sale in January. This is the developer’s first project in Florida.

The transaction was Osceola County’s third-highest land sale in 2020, behind the Tupperware deal at $40.5 million and the $20.2 million Eastgroup Properties deal on Old Lake Wilson Road. It was the most expensive residential land deal, just ahead of Highland Homes’ $14 million purchase of The Crossings subdivision on Jones Road.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407) 420-6261, or tweet me at @byLauraKinsler. Follow GrowthSpotter on FacebookTwitter and LinkedIn.

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