News Summary
Meritage Homes, a major homebuilder from Arizona, has purchased 945.76 acres of timberland in Northwest Jacksonville for $13.475 million. This acquisition, finalized on May 15, enhances its presence in Florida, where it plans to develop a community named Kings Preserve. Located in Dinsmore, the project will feature 742 homes, with significant portions of the land preserved as wooded areas. This move continues Meritage’s strategy of building affordable homes across multiple markets in the U.S., reflecting its commitment to meeting the growing demand for quality residential options.
Jacksonville – Meritage Homes, a prominent homebuilder based in Scottsdale, Arizona, has acquired 945.76 acres of timberland in Northwest Jacksonville for a total of $13.475 million, marking a significant expansion of its Florida operations. The transaction was finalized on May 15, 2023, and involves a property bordered by Lem Turner Road to the northeast and Braddock Road on the east side, with the Thomas Creek Conservation Area lying to the west.
The specific acreage sold in this transaction was not disclosed, and although the county records list the property address as 2166 Figaro Lane, it does not correspond with the accurate map location. The timberland was sold by the Tampa-based Eisenhower Property Group through EPG Jax LLC, which is owned by Jeffery and Tonya Hills, who have been active in residential development.
Meritage Homes purchased the land through its Florida division, which also has offices in Jacksonville, Orlando, Tampa, and Jupiter. This acquisition aligns with the company’s broader strategy of building affordable entry-level homes in various markets across the country. Meritage Homes has been a leader in the homebuilding sector for over thirty years, expanding its footprint beyond Florida to states like Arizona, California, Colorado, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Texas, and Utah.
In August, Meritage Homes announced its intention to develop the property into a community called Kings Preserve, located in Dinsmore, Northwest Jacksonville. This master-planned community is anticipated to feature a total of 742 homes, with construction across four phases. The development will include a variety of homes situated on 40-foot, 50-foot, and 80-foot lots, coupled with amenities such as an activities center, swimming pool, athletic field, trails, and parks. Notably, 50% of the property will be preserved as wooded land.
Meritage Homes continues to see growth in its operations, recently ranked as the number five builder on the 2024 BUILDER 100 list. The company has also broadened its reach by acquiring Elliott Homes, a developer with approximately 20 communities and over 5,500 lots in Mississippi, Alabama, and the Florida panhandle. This expansion allows Meritage to bring new entry-level housing options to various markets in the Gulf Coast region.
The Lakes at Bella Lago, a new community featuring 370 energy-efficient homes, is set to open in the Jacksonville area with sales beginning in December. This development will offer ten distinct floor plan options ranging from approximately 1,200 to 2,340 square feet, with expected pricing in the low to mid-$300,000 range.
Looking ahead, Meritage Homes has plans to launch additional communities in 2024, including Colbert Landings in Palm Coast. The company also plans to initiate production operations in existing entry-level communities before the end of the year, with projections for contributions from these endeavors to materialize by 2025.
This recent land acquisition by Meritage Homes not only reflects the company’s strategic focus on affordable housing but also positions it as a key player in the rapidly expanding real estate market in Jacksonville. With growing demand for quality residential options, Meritage is set to play a crucial role in shaping the future landscape of housing in the area.
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Additional Resources
- Jax 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
- Multi-Housing News: Meritage Homes Brings New Bungalows to Windermere Trails
- CoStar: Invitation Homes and Lennar Partner on Build-to-Rent Management
- Wikipedia: Real Estate Development
- Google Search: Meritage Homes
- Google Scholar: Affordable Housing Strategies
- Encyclopedia Britannica: Homebuilding Industry
- Google News: Jacksonville Real Estate
