WEST VILLAGES — North America’s “third fastest selling master-planned community” is going through some management changes.
Mattamy Homes, a privately owned homebuilder, signed a deal to purchase all of Vanguard Land’s partnership interest in the West Villages, according to a press release.
Once the deal is done, Mattamy will own 98.5% of the interests in the partnership that owns the land making up the West Villages in Sarasota County.
“Acquiring the partnership interests of Vanguard Land at this time allows Mattamy to increase its ownership control of the West Villages property,” said Pete Skelly, Mattamy CEO, in the release.
The West Villages property consists of more than 9,600 acres of land for future development encompassing approximately 22,000 homes and 3 million square feet of commercial space.
Mattamy, along with Vanguard, purchased the property, then known as Taylor Ranch, in 2014.
Since then, Vanguard’s Managing Principal John Peshkin has served as manager of the partnership with a three-member executive committee.
As a result of this acquisition agreement, Vanguard’s management role and Peshkin’s involvement have ended.
“We appreciate the contributions John has made to the community’s growth and success during his time as a partner and manager,” Skelly said.
Going forward, Rick Severance, Mattamy’s West Villages division president, will take on leading all strategic and operational elements of the company’s master-planning efforts at West Villages.