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

EDEN at Tradition. Credit: EDEN Living

EDEN Living, a venture set to revitalize the build-to-rent sector, is preparing to meet surging demand in the expanding Tradition community of Port St. Lucie through a joint venture with Westport Capital Partners affiliates. The partnership has recently procured a nearly 20-acre site to establish 214 townhome-style units.

Situated at the northwest intersection of Southwest Village Parkway and Paar Drive, the project site was formerly in the hands of Tradition master developer Mattamy Homes. The transaction details remain undisclosed.

EDEN at Tradition. Credit: EDEN Living

The development, aptly named EDEN at Tradition, will blend two- and three-bedroom townhomes. Each unit, complete with two-and-a-half bathrooms, one-car garages, and enclosed backyards, will range from 1,050 to 1,300 square feet in size. The commencement of construction is projected for July 2023, aiming for completion by the end of 2025.

Westport Capital Partners, a real estate investment firm, is aligned with EDEN as an equity partner. JLL managed the venture financing, while MSA Architects is responsible for the design, and Summit Contracting Group will serve as the general contractor.

Premium amenities, such as a clubhouse, dog park, playground, and a lake surrounded by a walking path, are among the project highlights.

Jay Jacobson, CEO of EDEN Living, expressed excitement about introducing their innovative build-to-rent model to the Tradition community. “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 much more desirable,” he said.

According to Quicken Loans, Port St. Lucie is the fifth fastest-growing city in the U.S. In line with this expansion, Cleveland Clinic recently acquired 44 acres surrounding its existing hospital for future expansion in December 2022.

Within Tradition, several development projects are underway. Sansone Group is establishing Legacy Park at Tradition, a project expected to contribute more than 10 million square feet of distribution space and over 1,500 new jobs to the area. Among the prominent tenants are Amazon, FedEx, and Cheney Brothers.

PEBB Enterprises and Banyan Development are jointly working on the Shoppes @ Heart of Tradition, a 71,000-square-foot project anchored by the well-known supermarket chain Aldi. Tradition is also on the verge of welcoming a new Fresh Market nearing completion.

EDEN Living continues to enlarge its Florida footprint, with over 3,500 units in the state’s development pipeline. Current build-to-rent projects are shaping in Jacksonville, West Melbourne, and Wildwood.

Founded by experienced multifamily developers Jay Jacobson, Jay Massirman, and Sergio Socolsky in February 2021, EDEN Living develops both one-story living environments and two-story townhomes at selected locations. These properties emphasize privacy with courtyards, private landscaped backyards, and no shared breezeways or elevators. The amenities proposed for these projects are expected to match those found in traditional Class A multifamily communities.

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