In 2014 FL’s principals and two US operating partners acquired the right to develop two adjoining residential land banks (Starwood and Vista Park) comprising c. 4,000 acres of zoned land (c. 8,400 planned residential units) in south-east Orlando, Florida.
Mattamy Homes, North America’s largest private house-builder and Canada’s largest builder, recently made a substantial investment in the Starwood site in November 2017 and has signed a partnership agreement with FL and its local development partners in relation to the future development of 4,600 houses there; the development which is now known as Meridian Park.
FL subsequently negotiated a similar agreement with Pulte Homes plc (market cap. $11bn), one of the largest listed US house builders, for its remaining site, Vista Park. Contract was formally signed in December 2021.
The pace of price inflation in Florida residential property since FL first invested in 2013/2014 is extremely attractive and FL's investment in these two sites engineered to maximise its return from same.
The combined gross development value of the two sites is in excess of $3bn.
