News Summary
Meritage Homes has acquired 945.76 acres of timberland in Northwest Jacksonville for $13.475 million, marking a significant step in the region’s residential development. This acquisition aligns with the company’s strategic plans to establish new communities, including Kings Preserve, which will feature 742 homes, and The Lakes at Bella Lago, emphasizing energy efficiency and affordability. As Jacksonville continues to grow, the demand for residential properties underscores the robust future of homebuilding in the area.
Jacksonville Sees Major Land Acquisition for Development
Jacksonville has recently witnessed a significant real estate transaction, with Meritage Homes purchasing 945.76 acres of timberland in Northwest Jacksonville for $13.475 million. The acquisition was finalized on May 15 and is expected to facilitate future residential development in the growing area.
The newly acquired property is strategically located, bordered by Lem Turner Road to the northeast and Braddock Road to the east, with its western boundary adjacent to the Thomas Creek Conservation Area. Although official records list the address of the property as 2166 Figaro Lane, it does not align with the nearby mapping of the area.
Background of Meritage Homes
Meritage Homes, headquartered in Scottsdale, Arizona, has established itself as a prominent player in the homebuilding industry, boasting over 30 years of experience. The firm operates in multiple states across the United States, including Florida, where it maintains offices in Jacksonville, Orlando, Tampa, and Jupiter. Recently, the company has been making strides to enhance its presence in the Florida market and is recognized as the No. 5 company on the 2024 BUILDER 100 list.
In August, Meritage Homes announced its plans to develop the Kings Preserve community, located in Dinsmore, Northwest Jacksonville. The development aims to facilitate the construction of 742 homes over four phases, with completion projected for spring 2026. Kings Preserve is expected to feature an activities center, swimming pool, and parks, appealing to potential homeowners looking for community amenities.
Recent Developments and Future Projects
Alongside the Kings Preserve acquisition, Meritage Homes is also set to launch a new community named The Lakes at Bella Lago in Green Cove Springs in December. This development will include over 370 energy-efficient, single-family homes with prices starting from the low- to mid-$300,000s. Home buyers will have 10 different floorplan options to choose from, with units ranging in size from approximately 1,200 to 2,340 square feet.
Meritage Homes further aims to enhance its affordability strategy, evidenced by its recent acquisition of Elliott Homes, which spans around 20 communities in Mississippi, Alabama, and the Florida Panhandle. The company anticipates beginning production operations in existing entry-level communities before the end of the year, reinforcing its commitment to providing affordable housing options.
Seller Information
The timberland was sold by the Eisenhower Property Group, a Tampa-based residential development firm owned by Jeffery and Tonya Hills. The transaction was carried out through EPG Jax LLC, but specific details regarding the acreage sold were not disclosed. This acquisition marks a pivotal step for both the seller and buyer, as the land use will align with the growing demands of residential development in the area.
Conclusion
As Jacksonville continues to grow, the demand for residential properties remains high. The acquisition by Meritage Homes reinforces the ongoing trend of development in the region, indicating a robust future for homebuilding and community expansion in Northwest Jacksonville.
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Additional Resources
- Jacksonville Daily Record: Homebuilder Buys Northwest Jacksonville Land for $13 Million
- Builder Online: Meritage Enters Gulf Coast with Acquisition of Elliott Homes
- Jacksonville.com: Meritage Homes to Open Sales for New Clay County Community
- Realtor.com: New Home Communities in Jacksonville, FL
- CoStar: Invitation Homes and Lennar Partner on Build-to-Rent Management
- Wikipedia: Jacksonville, Florida
- Google Search: Homebuilding in Jacksonville
- Google Scholar: Meritage Homes
- Encyclopedia Britannica: Homebuilding
- Google News: Jacksonville Real Estate
