Mattamy Homes on Thursday said it has reached agreement to acquire all of Vanguard Land’s partnership interest in the West Villages master plan outside of Venice, Florida.
Upon closing, Mattamy will own 98.5% of the interests in the partnership that owns the land comprising the third-fastest selling master-planned community in America. The West Villages property consists of more than 9,600 acres of land for future development of approximately 22,000 homes and 3 million square feet of commercial space and is home to the spring training facility of the Atlanta Braves baseball team.
Since the acquisition of the property in 2014, Vanguard Land’s Managing Principal, John Peshkin, has served as manager of the partnership and led the execution of strategies developed in conjunction with the partnership’s three-member executive committee, currently consisting of: Mattamy Homes Chairman of the Board, Larry Nicholson; Mattamy Homes U.S. CEO, Pete Skelly; and Mattamy’s U.S. Vice President of Land, David Stewart. As a result of this acquisition agreement, Vanguard Land’s management role and John Peshkin’s involvement in the ownership and management of the West Villages has come to an end.
“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,” said Pete Skelly. “We appreciate the contributions John has made to the community’s growth and success during his time as a partner and manager. Going forward, Rick Severance, president of Mattamy’s West Villages Division, will be responsible for leading all strategic and operational elements of Mattamy’s master-planning efforts at West Villages.”
The more than 15,000 acres that comprise West Villages Florida (www.MyWestVillages.com) are located adjacent to the Tamiami Trail corridor in South Sarasota County between the urban centers of the City of Venice and the City of North Port.
