By John Hielscher, Staff Writer, Herald Tribune, published 11/21/2019
Canadian home builder will own 98.5% of the 9,600-acre community in south Sarasota County.
Mattamy Homes said it will acquire all of partner Vanguard Land’s interest in the expansive West Villages development in south Sarasota County.
After closing, Mattamy said it will own 98.5% of the partnership that is developing the 9,600-acre master-planned community.
No financial terms were disclosed.
In 2014 Mattamy, Canada’s largest homebuilder, and Sarasota-based Vanguard paid $86.25 million for the tract in and around North Port that was known as Thomas Ranch.
West Villages is planned for about 22,000 homes and 3 million square feet of commercial space.
It is also home to CoolToday Park, the new spring training facility of the Atlanta Braves.
Vanguard is a real estate acquisition and development firm headed by former Taylor Woodrow N.A. CEO John R. Peshkin, who has served as manager of the partnership and led the execution of strategies as a minority partner with Mattamy.
His management role at West Villages ends with the sale of Vanguard’s interest.
“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,” Pete Skelly, CEO at Mattamy Homes US, said in a statement. “We appreciate the contributions John has made to the community’s growth and success during his time as a partner and manager.”
Rick Severance, president of Mattamy’s West Villages Division, will now lead all strategic and operational elements at the community.
The entire West Villages Florida, encompassing 15,000 acres, has been ranked as one of the nation’s fastest-selling