By Carole Hawkins, Staff Writer
Mattamy Homes plans to ramp up development of RiverTown, by readying more lots, adding a second commuter-friendly entrance and introducing townhomes into the product mix.
The Canadian developer this month closed on its purchase of the riverfront master-planned community in St. Johns County from St. Joe’s Co. for $43.6 million.
Steve Parker, president of Mattamy’s U.S. division, said the recent sluggish economy and the relocation of St. Joe’s headquarters to the Florida Panhandle had taken focus off the project. Only 150 homes out of a planned 4,950 have been built since 2007.
The community’s three builders — Mattamy, Dennis Homes and David Weekly Homes — were low on the selection of developed lots they could offer homebuyers, Parker said. Also, progress has been on hold for about seven months as details of the purchase from St. Joe’s were being worked out.
“Now that that’s behind us, let me say, we are community developers as well as home builders, and we know how great the RiverTown community can be,” Parker said. “The momentum on this project will change.”
RiverTown’s amenities are what will sell the neighborhood, Parker said. Many of those — including the first phase of a 50-acre riverside park, a community clubhouse, tennis courts, pool, docks and fishing piers — have been completed within the last 18 months.
Mattamy will construct a second, more commuter-friendly entry south of Bartram Trail High School on Longleaf Pine Parkway. That will cut the 15-minute commute time to Interstate 95 in half, Parker said.
About 200 newly developed lots will come online within 60 days, and more lots will be developed after that along the corridor between the two entrances, in concert with the completion of the second entrance in 12 to 18 months.
Mattamy is in the process of formalizing its home sites, styles, square footages and pricing, but Parker said the company plans to introduce townhomes into the mix.
Brian Jones, an attorney for Shutts & Bowen who represented Mattamy in the closing, said the deal coincides with returning investor confidence in the Northeast Florida real estate market.
“Jacksonville’s employment base and mix is very positive compared to other Florida markets. Its Naval (bases) and its medical, insurance and banking industries compare favorably for future growth to the more service oriented industries in other parts of the state,” Jones said.