M.D.C. Holdings continues is Florida expansion by buying land in South Florida.
The Denver, Colo.–based builder announced its purchase of The Oaks at Boca Raton on Wednesday. The 60 home sites are scheduled for a grand opening in the fourth quarter of 2014. M.D.C., which builds under the Richmond American brand name, plans to build two-story homes from 4,100 to 6,750 square feet in The Oaks.
“We’re excited to add South Florida to our footprint,” David D. Mandarich, M.D.C.’s president and chief operating officer, said in the announcement. “Florida has shown enormous potential for home building growth over the past year. We believe South Florida will add to the successful foundation we have already established.
In April M.D.C. moved into the Orlando market by buying two projects, Brynmar and Bella Lago, with a combined 166 home sites. Those communities are scheduled to open in this quarter. At the time the deal was announced, the company said it was considering buying two other Orlando projects as well.
M.D.C. has a long-standing presence in Jacksonville, Fla.
Teresa Burney is a senior editor for Builder magazine.