EDEN Living Unveils Plans For Build-To-Rent Project In Port St. Lucie’s Tradition

June 01, 2023

EDEN Living, with the mission to redefine a lacking segment of the rental population, is poised to accommodate intense demand for build-to-rent product in Port St. Lucie’s expanding Tradition community. EDEN Living, in a joint venture with affiliates of Westport Capital Partners, just acquired a nearly 20-acre site with plans to develop 214 townhome-style units.

The project site is located on the northwest corner of Southwest Village Parkway and Paar Drive. Tradition master developer Mattamy Homes sold the site to EDEN. Financial details were not disclosed.

EDEN at Tradition will include a mix of two and three-bedroom townhomes, all with two-and-a-half bathrooms, one-car garages and fenced-in backyards. Units range in size from 1,050 to 1,300 square feet. Construction is expected to commence in July 2023, with completion targeted in late 2025.

Real estate investment firm Westport Capital Partners is EDEN’s equity partner in the project, with JLL arranging the venture financing. MSA Architects is the project designer, and Summit Contracting Group the general contractor.

Class A amenities at the project include a clubhouse, dog park, playground and a lake with a walking path.

“We are thrilled to take our innovative build-to-rent concept to the Tradition community,” said Jay Jacobson, CEO of EDEN Living. “Port St. Lucie is one of the fastest-growing cities in the nation, and Tradition is fueling that expansion. There is substantial complementary development occurring in the community that will make our product that much more desirable.”

Port St. Lucie ranks as the fifth fastest-growing city in the U.S., according to Quicken Loans. In December 2022, Cleveland Clinic acquired 44 acres surrounding its existing hospital for future expansion.

Within Tradition, Sansone Group is developing Legacy Park at Tradition, which will bring more than 10 million square feet of distribution space and 1,500-plus new jobs to the area. Notable tenants include Amazon, FedEx and Cheney Brothers.

PEBB Enterprises and Banyan Development are jointly developing the Shoppes @ Heart of Tradition, a 71,000-square-foot project anchored by popular supermarket chain Aldi. The project name is a nod to its location adjacent to the “Heart” sculpture by acclaimed international artist JEFRË designed and constructed at Tradition. The community is also about to welcome a new Fresh Market, which is nearing completion.

Mattamy partnered with BEEP Autonomous Solutions to create an autonomous vehicle network – Tradition in Motion (TIM) – that is operational throughout the community. Tradition recently launched an e-bike sharing program and received approvals for the Tradition Trail – or T Trail – spanning from the northern to southern end of the community.

EDEN continues to expand its footprint across Florida. It has more than 3,500 units in the development pipeline throughout the state. Active build-to-rent projects are located in Jacksonville, West Melbourne and Wildwood (near The Villages).

Jacobson and fellow experienced multifamily developers Jay Massirman and Sergio Socolsky formed EDEN Living in February 2021.

The venture develops one-story living environments (and two-story townhomes in some locations) that provide enhanced privacy, exterior living space, courtyards and private landscaped backyards. Residents will be able to access their homes with no sharing of breezeways or elevators. Projects are expected to include amenities that are on par with what is found in traditional Class A multifamily communities.

EDEN Living is actively seeking new development sites between 10 and 30 acres throughout its target markets. For direct inquiries, contact EDEN Living Director of Land Acquisition Jacky Sasson at jacky@edenmultifamily.com.

Link: City Biz