Mattamy Homes USA is embarking on its largest residential project to date - announcing Monday it will be the exclusive builder in Starwood, a 2,560-acre community just north of Lake Nona.
Alex Martin, Mattamy's Orlando Division president, told GrowthSpotter the Canada-based builder has formed a partnership with Beachline South Residential, the owner and developer of the property.
"We purchased an interest in Beachline South Residential," he said on Monday. "We will have a series of multiple takedowns, the first of which closed last Thursday."
Martin declined to reveal financial details of the arrangement.
Beachline is developing the Starwood Property, which totals 2,560 acres, with 1,161 net acres slated for single-family residential development – over time, the property is expected to comprise more than 4,000 single-family homes, 2,000 multifamily homes and nearly 500,000 square feet of retail/office uses.
The Starwood Property is located east of S.R. 417 and south of S.R. 528, with access through an extension of Dowden Road. The community will be served by a new high school and elementary school.
"The project is mature, from an entitlement standpoint," Martin said. "We should be breaking ground this summer, potentially."
Martin said the first phase would include 400 homes -- a variety of product lines ranging from townhomes to estate homes on 70-foot lots. Mattamy employs its own team of architects to develop unique themes and home designs for each community.
"We've done the preliminary visioning for the community," he said. "Next week we start in earnest. That's when we'll come up with the theming and the community name."
He said the company was drawn to the Starwood project because of its proximity to Randal Park and Lake Nona.
"It's a highly desirable sub-area of Orlando," he said. "It has amazing access to shopping, dining, movies -- anything you could want. It's just just minutes from downtown on the toll road, and the airport is right there."
Jay Thompson, Beachline South Residential's manager, called Mattamy the "obvious choice" because of its track record and experience in executing large, master-planned communities.
Mattamy plans to leverage its existing and thoughtfully designed architectural portfolio, including successful home designs from Randal Park. Pricing is yet to be determined. The community will also include an abundance of amenities; featuring amenity centers of different sizes located throughout the community as well a 20+ mile system of interconnected walking trails and bike paths,
The Starwood partnership is Mattamy's largest real estate commitment for its Orlando Division since the company acquired the Tapestry master-planned community in Kissimmee in 2013.
"Tapestry has 1,000 lots," Martin said. "This project is going to be four times the size of Tapestry."
Last year Mattamy launched an ambitious expansion plan in Orlando, with land deals totaling more than $35 million. The builder is developing seven new communities -- including its first vacation home resort and a community paying homage to iconic architect Frank Lloyd Wright.