Mattamy Homes purchases Tapestry site for $15 million

Highly successful master-planned community model coming to Orlando market

WINTER PARK, FL, March 7, 2013 /CNW/ - The Orlando market will be the site of Mattamy Homes' biggest exclusive master-planned community in the US - with the company's $15 million purchase of the Tapestry property in the City of Kissimmee.

The Mattamy model for such "complete communities" has proven highly successful in many signature, sought-after neighborhoods across Canada. Mattamy communities are renowned for their integration, as the company is involved in every aspect of community planning, from purchasing the raw land, to planning the streets, to designing the homes to creating park spaces and walking/biking trails and other amenities.

The Tapestry purchase is expected to formally close following final approvals from the City of Kissimmee, sometime in the late second quarter of 2013. The $15 million deal is for some 250 acres within the city limits of Kissimmee, FL (Osceola County), located just south of Osceola Parkway and East Dyer Blvd on Carroll Street.

"This will be Mattamy's first master-planned community in the Orlando market, and our largest such project in all of our US markets. It will be totally Mattamy, from raw dirt to complete community, and we're very proud and excited about that opportunity," says Steve Parker, President of Mattamy's US Group. "Mattamy has a long history of developing large master-planned communities in Canada, and we're looking forward to bringing that successful model to life here in Orlando."

Mattamy's Tapestry community will include up to 1,100 lots across a variety of product types (townhomes and a number of sizes of single-family homes). Pricing will start from the mid-$100,000s. The community will be highly amenitized, including a clubhouse, swimming pool, park areas, water areas with three lakes over 10 acres each and several more ponds located throughout the property. The location will make the community highly desirable:

1. Tapesty is literally directly between and within just minutes to the major Disney attractions, Lake Nona's Medical City, and Orlando International Airport, which are three of the Orlando area's largest and healthiest economic centers today.
2. Tapestry is also just down the street from "The Loop", which is a new major shopping center offering all the modern retail conveniences today's families enjoy including big retailers, boutique shops, movie theater, popular restaurants, grocery stores and pharmacies.

"We anticipate that Tapestry will become the affordable live-work-play destination for Osceola County families who want an affordable new home in a vibrant new development corridor and that's within minutes of major employers and all their daily lifestyle needs," says Parker.

The grand opening for sales of Tapestry is projected to be in the second quarter of 2014, and the first homeowners should be closing on their homes in the late third quarter of 2014.

The Tapestry purchase is yet another example of Mattamy's commitment to being a major presence in the Orlando market, and of the company's confidence in the future of housing locally. It represents Mattamy's third major acquisition in the Orlando market in the last year, totaling approximately $50 million and the potential for some 2,000 homes.

For more information, visit:

http://www.mattamyhomes.com/Orlando/.

See the general location of the Tapestry site, marked A on Google Map.

About Mattamy Homes
Mattamy Homes is Canada's largest new home builder, with operations across Canada and the United States. Mattamy has built more than 50,000 homes in 150 communities, and counting. In Canada, those communities stretch across the Greater Toronto Area, as well as in Ottawa and Calgary, while in the United States, the company is represented in five metropolitan areas: Minneapolis, Charlotte, Phoenix, Jacksonville and Orlando. Visit www.mattamyhomes.com for more information.

SOURCE: Mattamy Homes Limited

Brent Carey
Director, Communications
Mattamy Homes Limited
905-829-7684
[email protected]