Minto Communities USA reported better-than-expected gross sales at its first Latitude Margaritaville 55-plus housing group, and that demand is shaping its future progress alternatives.
The Latitude Margaritaville Daytona Seashore in Daytona Seashore, Florida, which spans greater than 3,700 houses, has bought out over 5 years forward of gross sales projections, Minto President William Bullock instructed Senior Housing Information.
“Whereas now we have been extraordinarily profitable over time, the outstanding success of Latitude Margaritaville has sped up our plans to increase into further markets,” Bullock mentioned through e-mail to SHN.
Homebuilder and developer Minto has held a longstanding licensing cope with Jimmy Buffett’s Margaritaville Holdings firm to develop 55-plus communities underneath the Latitude Margaritaville model. The corporate has accomplished three communities in Daytona Seashore and Panama Metropolis Seashore in Florida, together with a Latitude Margaritaville property in Hilton Head, South Carolina. In 2022, the corporate accomplished the remaining section of facilities on the Hilton Head property.
In reference to each the Hilton Head, South Carolina property and Watersound, Florida, venture, Bullock mentioned each “have nice growth capability” for future progress.
Bullock additionally confirmed the corporate continues its growth efforts to increase into Texas. In 2022, Minto introduced plans to develop the Latitude Margaritaville model within the Austin, Dallas and Houston markets.
Current native media protection seems to point out a fraught back-and-forth between municipal leaders in Texas Metropolis, Texas and Minto for growth of the “stalled” Latitude Margaritaville Galveston Bay venture.
In response to a direct query relating to the event course of in Texas, Bullock mentioned, “We’re dedicated to seeing our subsequent Latitude Margaritaville in Texas Metropolis.”
Over time, the broader Margaritaville way of life model has turn out to be a well-liked possibility for residential and resort dwelling.
“There’s a regular demand for Latitude Margaritaville and Minto communities. We anticipate continued progress for each manufacturers,” Bullock mentioned.
To that finish, Minto is “actively promoting” new houses at its Latitude Margaritaville communities in Hilton Head and Watersound, Florida, Bullock added.
Outdoors of the lively grownup growth push, Minto is within the means of growing a “new metropolis” of Westlake close to Palm Seashore, Florida that Bullock described as a “hometown-style metropolis” idea. The three,800-acre master-planned group is authorized to construct 4,500 houses alongside a $22 million, 15-acre Westlake Journey Park and a 50-acre retail and enterprise park, in response to a spokesperson representing Minto.
Individually, building on a Latitude Margaritaville venture in Mexico, Latitude Margaritaville Worldwide Lake Chapala, Mexico, continues after the venture was introduced in a partnership with Levy Holdings and Margaritaville Holdings in mid-2023.
