ICI Homes and David Weekley Homes will buy 550 acres in phases to develop 1,600 homes and commercial space.
The same day that ICI Homes and David Weekley Homes announced they will purchase 550 acres of Skinner land, a New York-based credit firm paid $11.8 million to buy property from the family for residential development.
The closing represents the first phase of the contracted purchase of the 550 acres, according to one of the sellers, Edward Skinner Jones. He referred other questions to the buyers.
Sawmill Timber LLC, comprising members of the Skinner family, sold property in the Southeast Quadrant on Dec 23 to DRP FL 2 LLC, which is DW Partners. The deed was recorded Jan. 5 with the Duval County Clerk of Courts.
The New York City-based DW Partners firm focuses on corporate credit and structured finance and capital management. Its Florida residential investments include the $4 million purchase in November 2019 in St. Johns County for the Mill Creek Forest development.
The Skinners are selling land within the 1,063-acre property they own at southeast Butler Boulevard and Interstate 295.
The Dec. 23 deed, recorded Jan. 5 with the Duval County Clerk of Courts, does not identify ICI Homes or David Weekley. Skinner, a manager of Sawmill Timber LLC, confirmed the sale was for the ICI Homes and David Weekley development.
ICI Homes and David Weekley Homes did not announce a purchase price when they issued a news release Dec. 23 about their acquisition and plans to develop Seven Pines at the site.
Seven Pines will comprise 1,600 single-family homes, apartments and more than 1 million square feet of commercial and retail space. It also will include a 34-acre park with a lake.
ICI and David Weekley will develop the residential portion of the project.
In August, A.C. “Chip” Skinner said most of the single-family residential property in the Southeast Quadrant was expected to close by the end of the year.
Groundbreaking on Seven Pines is scheduled for January. Construction on the model home, amenity center and the main entry will begin in November.
The parcel is the last large parcel of Skinner family land, which originally included the St. Johns Town Center and the University of North Florida.
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