Tampa, FL, October 05, 2009 --(PR.com
)-- Minto Communities LLC, a U.S. subsidiary of Canadian-based Minto Group founded in 1955, announces the acquisition of the residential development project on Perico Island. Terms will not be disclosed.
For Minto Communities, a family-owned business who has built more than 19,000 homes in Florida’s East Coast, the Perico Island project is the company’s largest West Coast acquisition to date in both size and scope. Previously, the company announced plans to build homes at Grand Hampton in Tampa and Country Club East in Lakewood Ranch.
“The Minto brand name has a strong tradition and heritage of producing quality homes and condominiums in Southeast Florida for almost 30 years,” states Michael Belmont, executive vice president, Minto Communities. “Our goal is to utilize the unique expertise and experience found in our award-winning company to empower our mission here of creating better places to inspire life.”
Over the past year, Minto researched several properties from Orlando to Tampa down to Venice to pinpoint the right opportunity to expand in West Central Florida. When the Perico project became available, Minto applied the same analytical approach used to acquire other properties to determine that Perico was a tremendous location and sound investment.
Says Belmont, “We’re truly excited about the Perico project and its potential and we look forward to continuing to seek additional acquisition opportunities throughout the region.”
For the Perico project, Minto plans to continue the site development sometime in 2010 based on the previously approved plans from the City of Bradenton and other regulatory agencies. Much of the project’s initial infrastructure is already installed and complete, including the excavation of a nearly one mile long, 32-acre man-made lake.
“The housing market has certainly changed since the Perico plan was created,” states Belmont. “Our goal is to make sure the housing product we develop meets the needs of today’s consumer in terms of price and livability.”
Belmont states that Minto has no intention to increase the previously approved building story height limitations or increase density to what has already been approved for the waterfront site.
Plans for the 119 wet slip marina are also being reviewed. While Minto owns both the Perico Island property and the adjacent marina, they are considered separate assets and not contingent upon one another.
About Minto Communities
Launched in 1955, Minto is a family-owned business that has built more than 65,000 homes and holds more than two million square feet of commercial space as part of its integrated real estate development, construction and management operations in Ottawa, Toronto and Florida.
Minto creates a wide array of award-winning new homes and resort-style master-planned communities, in addition to low, mid and high-rise condominiums to meet every lifestyle. The company has earned national awards and recognition by J.D. Power and Associates and Leadership in Energy and Environmental Design (LEED). For more information, visit www.mintofla.com.