Canadian developer pays $86.25M for 9,600 acres in Sarasota County
Tampa Bay Business Journal
Canada’s largest homebuilder closed Wednesday on the 9,600-acre Thomas Ranch property near Venice in Sarasota County.
Mattamy Homes paid $86.25 million for the land.
“We sit back and kind of laugh at it,” said Mattamy COO Brian Johnston from his office in Toronto. “We could never buy land that size anywhere near Toronto. We’d be up in the woods, adjacent to moose and deer. We’ve never bought anything close to this size.”
He said the company will probably develop 75 percent of the tract over the course of 20 to 25 years, subdividing it into phases. “We’ll build whatever the market demands,” Johnston said. “But we’re thinking housing tracts of 700 to 2,000 with different themes — a golf course community, a lake community, maybe a first time-buyer community. But I would think that most of it would be directed at the retiree market.”
Mattamy has not yet named the project, but one possibility is to retain Thomas Ranch. The company expects to begin development in 2016.
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