The St. Joe Company (NYSE: JOE) , The Watersound Company, LLC, a subsidiary of St. Joe, and Kolter Acquisitions LLC, a subsidiary of Kolter Homes, LLC late Monday announced plans to create a new home development within the Watersound Origins community. Watersound and Kolter have entered into a definitive long-term contractual agreement whereby Watersound will develop 40’, 50’ and 60’ wide finished lots for Kolter in multiple phases.
Watersound Origins’ newest community will consist of approximately 466 single-family detached homes to be constructed by Kolter in its own gated section of the Origins community. This will be Kolter’s second large scale development in the region and is planned to include a new community clubhouse, a pool and sport courts. Lot construction is expected to begin in 2019 with homes being available for sale in 2020.
“This long-term agreement is a prime example of St. Joe’s focus on developing scalable residential communities. We look forward to working with Kolter to diversify the product offering and meet the growing demand within our Watersound Origins community,” said Bridget Precise, vice president of residential development at St. Joe. “Kolter’s history of success makes it an ideal fit to be our newest builder partner at Origins.”
“St. Joe’s commitment to providing successful, quality developments for the residents of Northwest Florida attracted Kolter to the Watersound Origins community,” said Jim Traxinger, Florida area president of Kolter Homes. “Building on the success we’ve achieved in this market with NatureWalk at Seagrove, we are excited about this new opportunity to deliver a quality product with an exceptional value for the residents of the Watersound Origins community.”
In addition to the planned Kolter development, Origins currently has 240 existing homes, 27 homes under construction and 51 available home sites. In the Stillwater neighborhood, Origins also has approximately 360 home sites of various sizes under development for builder partners, including Huff Homes, Romair Construction and Dune Construction. With new product offerings starting below $400,000, Stillwater will soon open for reservations. Stillwater will feature the trails, parks, and natural areas.
