Colliers Facilitates The Sale Of ±24.1 Acres In Port St. Lucie For $15.5M

Colliers facilitated the sale of Southern Grove 10 (SG10), a ±24.1-acre parcel, for $15.5 million in two separate transactions.

The property is located within Tradition, a master-planned community on Florida’s Treasure Coast. The site is located on SW Village Parkway and Paar Road in Port St. Lucie.

Colliers Executive Vice President Michael Falk, Senior Vice President Russell Bornstein, and Associate Jonathan Temple represented the seller, Mattamy Homes, in both transactions. Farrell Building Company represented themselves and purchased 7.3 acres of the parcel for $4,015,000.

EDEN Multifamily, represented by Douglas James Kirlan, acquired the remaining 16.8 acres for $11,500,000.

SG10’s flexible zoning allows for the development of multi-family, retail, office, medical, hotel, assisted living facilities, and flex/warehouse. The site is one of the five commercial sites owned by Mattamy Homes, available for sale or long-term lease. The parcels total over 170 acres and can be divided.

“Tradition’s exploding residential market led by Mattamy Homes, the city of Port St. Lucie, and Sansone’s new industrial developments have paved the way for commercial and multi-family development along Becker Road and the Village Parkway corridor,” said Falk. “The market’s success is a testament to public and private urban planning coupled with an engaged city council dedicated to further enhancing the long-term vision for the area.”

Exploding with residential development, Port St. Lucie is currently the fastest-growing region in South Florida. Three major homebuilders have started new residential communities, and there are ±40,000 units planned and existing within the area. The region provides excellent connectivity with five miles of I-95 frontage, three interchanges, and a substantial community roadway network.

The seller, Mattamy Homes, is the largest privately-owned homebuilder in North America. The company has 40-plus years of experience building across the U.S. and Canada. Every year, Mattamy helps more than 8,000 families actualize their dream of home ownership. Headquartered in Orlando, FL, the company is represented across markets in the U.S. and Canada.

EDEN Multifamily is a residential development and investment firm with over 70 years of combined experience in housing solutions for the Southeastern United States. The company capitalizes on unique off-market properties in targeted urban infill submarkets throughout the coast. With its purchased portion of SG10, the firm plans to develop EDEN at Tradition, a Class-A community. The build-to-rent community will consist of 214 two-story townhomes across 16.8 acres, providing residents the comfort and privacy of a single-family living space. The townhomes will feature upscale amenities, and all units will include attached garages, driveways, and fenced-in backyards.

Farrell Building Company is a diversified real estate company with a platform offering single-family homes, luxury multi-family rental communities, commercial/industrial properties, and storage facilities. Founded in 1995, the brand focuses on creating spaces defined by luxurious design and superior craftsmanship with white-glove service to elevate a well-built life. With a portfolio of over $3 billion, the brand has expanded its divisions to reflect the needs of its clients. The company plans to build a mixed-use facility at the property offering self-storage, office, and commercial uses.

Over recent years, soaring home prices in South Florida have led to a noticeable shift as home buyers migrate north to St. Lucie County. More specifically, as new construction homes surged in demand, the City of Port St. Lucie made up 79 percent of total closed sales in St. Lucie County in the first quarter of 2023. Approximately $417 million in total single-family home sales occurred in the first quarter of 2023, with a median sale price of $380,000, a 3.3 percent increase year-over-year and 2.1 percent higher than the county average.