Mattamy will own 98.5% of the interests in the partnership that owns the West Villages land.
VENICE — Mattamy Homes has reached an agreement to acquire all of Vanguard Land's partnership interest in West Villages.
Upon closing, Mattamy will own 98.5% of the interests in the partnership that owns the land comprising the master-planned community, according to a press release. Terms of the deal weren't disclosed.
The West Villages property includes more than 9,600 acres of land for future development of approximately 22,000 homes and 3 million square feet of commercial space. It is home to the spring training facility of the Atlanta Braves baseball team.
"Acquiring the partnership interests of Vanguard Land at this time allows Mattamy to increase its ownership control of the West Villages property, one of America's premier master-planned communities," says Pete Skelly, CEO of Mattamy Homes US, in the statement. "Going forward, Rick Severance, President of Mattamy's West Villages Division, will be responsible for leading all strategic and operational elements of Mattamy's master-planning efforts at West Villages."
West Villages Florida is adjacent to the Tamiami Trail corridor in south Sarasota County between the urban centers of Venice and North Port.