St Joe agrees to sale of RiverTown to new developer

In a public filing with the Securities and Exchange Commission, Historic City News has learned that the St Joe Company, once the largest single private landowner in the state, has agreed to sell more than three miles of property in St Johns County located along the St Johns River.

The transaction accounts for 4,057 acres; the remainder of RiverTown, a master-planned community and development of regional impact, originally approved in February 2004. At that time, sales were expected to begin in 2005 and continue for more than 10 years.

An agreement was signed on December 31, 2013 with Mattamy Homes for a purchase price reported of $43.6 million. Mattamy has until February 28th to inspect the property and close the sale not later than March 30.

The community is 4,170 acres, slated for 4,500 single-family and multifamily homes, as well as 500,000 square feet of commercial space, 300,000 square feet of retail space, and 100,000 square feet each of office and industrial space by 2023.

St Joe Company invested heavily in RiverTown over the last several years, pouring millions into a new amenity center and clubhouse, a new entrance off of SR-13 and a riverfront park.

Mattamy is one of three builders currently active in RiverTown. David Weekley Homes has been with the community since it broke ground in 2008, and Dennis Homes entered the community in April 2011.

RiverTown was largely stagnant for several years with only 14 houses built in three years. But the community started to come back, along with the rest of the region’s housing market. In July, 200 lots were under construction and are said to be delivered to builders by the end of the year.