MARGARITAVILLE New

from The Clubs by JOE Experience Member Magazine - Winter/Spring 2021

TIPS FROM THE PROS Don’t

FOOD, FUN, MUSIC, ESCAPISM

St. Joe Company, Minto Communities building project of municipal proportions

BY STEVE BORNHOFT

AFTER SUCCESSFULLY UNDERTAKING the development of agerestricted, active-adult communities in Daytona Beach and Hilton Head, South Carolina, the master builder Minto Communities USA commenced looking around for its next large-scale opportunity.

“We have learned that there are four or five elements that every successful active-adult community must have,” said Bill Bullock, a Minto division president. Enumerating them, Bullock touched upon the need for sufficient land, proximity to an airport, a coastal location, convenient retail and service businesses, and a nearby medical facility.

Inevitably, one might suppose, Minto found itself sizing up the vast land holdings of the St. Joe Company, now headquartered in Panama City Beach, and especially its real estate along ı5 miles of the Intracoastal Waterway close to the Northwest Florida Beaches International Airport.

Minto approached St. Joe with an interest in buying some dirt, but a relationship that might have been transactional became a partnership instead.

Today, the parties are united in a joint venture — the third Latitude Margaritaville community in the United States — a project of a scope so large it is not easily comprehended.

The hook-up represented a merging of like visions. St. Joe had been considering an active-adult component as part of its Bay County plans for more than ı0 years.

“They had the land asset teed up, they had done their strategic research and believed in the concept,” Bullock said. “And we already had grabbed a tiger by the tail in teaming up with Margaritaville Holdings.”

Margaritaville Holdings, in which the beachy balladeer Jimmy Buffett has an ownership interest, is the brand licensee and brand steward for what will be known as Latitude Margaritaville Watersound, currently in development on ı00,000 acres north of Panama City Beach and west of State 79. The project’s first phase will encompass 3,500 homes, most all of them ranging in price from

“That’s pretty eyeopening, to have that level of interest at this stage. At Daytona, we’re in our third year of home sales. We sold 60 homes last month (November), and we expect to do even more volume at Watersound.” — Bill Bullock, Minto Communities

The St. Joe Company, Minto Communities and brand licensee Margaritaville Holdings have teamed up on an active-adult development, Latitude Margaritaville Watersound, located north of Panama City Beach on State 79 opposite its intersection with what will be rerouted State 388.

the low $200s to about $450,000, on 50-foot and 60-foot lots. Homes will range in size from approximately 1,200 to 2,400 square feet.

To date, Minto has not sold any lots to other builders on its Latitude platform, and it has no plans to do so at this time.

The notion of Margaritaville resonates well, Bullock said, with people seeking lives of “food, fun, music and escapism” — the lifestyle embraced by the brand — and old enough to remember the prominence of “sex, drugs and rock ’n’ roll” as a motto.

“To engage with a partner like St. Joe, which is so fully in sync with our long-term vision for Latitude Margaritaville Watersound really was a perfect alignment,” Bullock said. “We have always said that we make money with our partners, not off our partners.”

A sales center is under construction and will open next spring, Bullock projected, but not before model homes are ready for inspection. Minto started clearing land for its first production lots in June. Customers will be able to buy a house at the development’s grand opening and can expect construction to begin immediately.

“It’s a massive undertaking when you are talking about laying the groundwork for a city that, based on plat approvals, will include upwards of 170,000 houses when it is built out,” Bullock said. “It doesn’t happen overnight.”

The Paradise Club provides subscribers with monthly updates on the Daytona Beach, Hilton Head and now Watersound projects (see LatitudeMargaritaville.com). Among 400,000 club members, 20,000 have expressed interest specifically in Watersound.

“That’s pretty eye-opening, to have that level of interest at this stage,” Bullock said. “At Daytona, we’re in our third year of home sales. We sold 60 homes last month

Latitude Margaritaville Watersound’s developers anticipate opening a sales center — and model homes — in the spring of 2021. The fi rst phase of the project is planned to include 3,500 homes.

(November), and we expect to do even more volume at Watersound.”

Bullock said visitors to the sales center will be introduced fi rst to the JV partners, their strength and their history with a presentation he expects to be confi denceinspiring. As they proceed through the center, visitors will learn how the development incorporates the Latitude lifestyle. They will hear the familiar strains of Jimmy Buff ett standards. Amenities — marina, bandshells, restaurants, retail, fi tness center, miles of walking, bicycling and multi-modal trails — will be described. Environmental aspects of the property will be showcased.

“People start asking themselves, ‘Why would I go on planning vacations when I could live every day on vacation?’ ” Bullock said, speaking from experience. “When people realize that the development checks all of their boxes, they ask, ‘Where do I sign?’”

Bullock said residents of Latitude Margaritaville developments readily fi nd common ground.

“It isn’t about how much you paid for your house; it’s about a whole bunch of people having a great time and forming some of the best friendships they have ever had,” Bullock said. “I’m stunned at some of the prices paid for properties along the Emerald Coast, but that’s not the market we’re after. How are you going to get through tens of thousands of

houses if you’re trying to get a million bucks a piece for them?”

Bullock said Latitude Margaritaville Watersound will be able to separate itself from The Villages in Central Florida and the best adult communities in Arizona on the strength of its “worldclass amenities,” its location ı5 minutes from Florida’s best beaches and its Intracoastal Waterway setting. There is no waterway in Scottsdale.

Amenities will reflect current desires.

“If you ask people what they want and you deliver it, you really can’t go rooftop dining, a resort-style pool and wrong,” Bullock said. “It used to be activity centers. that golf was No. ı, and other things “They will be the first collection of were down at the bottom. In the last amenities to be built, and we will add ı0–20 years, we have seen almost a more as our footprint expands,” he said. complete reversal. Wellness, exercise The developers plan to leave and walking trails are the top three or undisturbed natural areas of a character four. We will have an extensive trail that hasn’t changed for thousands of years network where people can exercise, while also employing new technologies. maintain their health and appreciate “We are working on autonomous the environment.” vehicles,” Bullock said. “We’re going

“The marina location has been to deploy them at Daytona first and identified, and it will be open to the quickly add them to Watersound as public,” said Bridget Precise, St. Joe’s soon as we get everything figured out.” senior vice president for residential The vehicles, Bullock anticipates, real estate. A Marina Village including will be used first as delivery vehicles retail, food and beverage will adjoin and eventually will carry passengers. the waterfront amenity. A second com- “The Villages is an amazing place,” mercial “village” Bullock said. “You will be developed along State 79. “We have carved can’t knock what they do. But why wouldn’t

“People hear out approximately you go to the about the develop- 40 acres on a bluff Panhandle? We have ment, and they come to us and try to figure out if it reprethat overlooks the Intracoastal a unique opportunity here in a setting that people enjoy, and we sents an opportunity Waterway. You look are proceeding from for them,” Precise said. “We work very openly with anyone out from there, and you feel like you scratch with sound master-planning techniques. And we’re who has an inter- have stepped back going to put a lot of est. We are not going to sole-source everything with 200 years in time. Developers say you people to work.” Bullock said Minto believes in using pre-determined should never fall in local tradespeople, people — and it’s not going to be 100 percent organic. We love with a parcel of land, but I love until the supply runs out. “To get the trade have spoken with that piece of dirt.” base built up to multiple medical —Bill Bullock, Minto where it needs to services providers, including Ascension Communities be for the kind of volume we are going and HCA. We try to to be doing, you be inclusive. Those have to start pulling conversations are ongoing, and there regionally, for sure,” he said. has been a lot of interest from differ- Precise spoke to the development’s ent corners.” future economic impact on the

Bullock noted that extensive private community. amenities will be reserved for residents. “Our economy has always been

“We have carved out approximately tourism and hospitality dependent.” 40 acres on a bluff that overlooks the Precise said. “Latitude Margaritaville Intracoastal Waterway,” he said. “You Watersound will bring more yearlook out from there, and you feel like round stability to our economy. you have stepped back 200 years in Businesses will have a bigger base of time. Developers say you should never year-round residents.” fall in love with a parcel of land, but I Added Bullock: “Our residents don’t love that piece of dirt.” have school-age children, but they all

The bluff, Bullock said, will be will pay ad valorem taxes. That will be home to a two-story restaurant with a huge benefit to local government.”