National homebuilder says strong sales drove timing of $2.5 million purchase.
Toll Brothers purchased 187.3 acres from Raydient Places + Properties to complete its Julington Lakes development in St. Johns County.
The national homebuilder paid $2.5 million for the property north of Longleaf Pine Parkway and west of Veterans Parkway.
The site is part of the ICI-Middlebourne PUD just west of Durbin Crossing and south of Julington Creek Plantation. The entire PUD site is 572 acres.
According to Greg Netro, Toll Brothers group president of Florida, the purchase was made about a year ahead of schedule as sales in the initial phase of the neighborhood outpaced projections.
“We paced it out when we first bought the job that over a five-to seven-year period we would do these takedowns of the property, but our schedule is over a year ahead, which is good for everyone,” Netro said.
According to St. Johns County Senior Planner Cynthia May, in addition to the single-family units Toll Brothers is building, ICI-Middlebourne PUD is entitled to a maximum of 152,500 square feet of office space and 187,500 square feet of commercial space.
May said no plans have been submitted for commercial uses.
Julington Lakes is a gated community with access from Longleaf Pine Parkway. Home prices start at $362,995 for the Heritage Collection, $511,995 for the Ambassador Collection and $559,995 for the Estate Collection.
Netro said Toll Brothers will build-out the rest of the neighborhood with those three product lines.
Development already has begun on the new land purchased.
“We are already underway,” Netro said. “We started selling in front of the purchase so we were prepped and ready to go.”
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