Modern Home Builder - Winter 2017 - 51

About half of Venetian Bay's planned 2,200 units are now built.
But the strength of the development enabled Geosam to expand
upon the original vision. In addition to the project's boundaries,
the company acquired surrounding land to develop complementary pieces, such as the Palms at Venetian Bay and Verano at Venetian
Bay. The two projects could add nearly 1,200 rooftops to the area.
The company's next big project is located about 2.5 miles from
Venetian Bay. Coastal Woods will be an 850-acre development
with 1,250 homes built in multiple phases. The project is still in
the early phases. Geosam is working toward gaining site approvals
from the city of New Smyrna and expects to begin developing the
first 290 lots early next year. "The biggest challenge at any project
in the country is getting entitlements done and working through
those agreements with local governments," COO David Peter says.
Geosam creates the development plan but it still needs the help of
other companies to see that vision through. Geosam does not build
the homes itself. Instead, the company develops the project and sells
the lots to homebuilders.The homebuilders create a competitive but
collaborative environment by differentiating themselves through finishes and features. Each community has modern amenities, such as
pools, but homes are offered at a range of prices. A duplex might sell

in the low $200,000s while the asking price for larger homes could
top a million. "We like to view ourselves as pretty broadly inclusive
developers," Peter says. "We're trying to build communities that cater [to buyers] from starter home to dream home."

COMMITTING TO MARKET
Although its roots are in Canada, Geosam intends to be in the U.S.
market for the long haul. The company has no interest in developing properties just to cash out and it even manages several developments and multifamily projects. The size of the projects also
necessitates a long-term commitment. "These are projects that are
five to 10 years," Pham explains.
But its desire to grow its presence in the southeast could require
Geosam to broaden its existing market to find promising locations.
"The availability of large pieces of land and getting entitlements
is a complex matter we have to work through with local governments," Peter says.
Armco has expressed interest in expanding Geosam in the Carolinas and Tennessee, but the company has not taken that step quite
yet. "We will always be poised to take advantage of markets when
the markets are ripe for acquisition," Peter says. )

Winter 2017 www.mhb-magazine.com

51


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Table of Contents for the Digital Edition of Modern Home Builder - Winter 2017

Contents
Modern Home Builder - Winter 2017 - Cover1
Modern Home Builder - Winter 2017 - Cover2
Modern Home Builder - Winter 2017 - 1
Modern Home Builder - Winter 2017 - 2
Modern Home Builder - Winter 2017 - 3
Modern Home Builder - Winter 2017 - Contents
Modern Home Builder - Winter 2017 - 5
Modern Home Builder - Winter 2017 - 6
Modern Home Builder - Winter 2017 - 7
Modern Home Builder - Winter 2017 - 8
Modern Home Builder - Winter 2017 - 9
Modern Home Builder - Winter 2017 - 10
Modern Home Builder - Winter 2017 - 11
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Modern Home Builder - Winter 2017 - 42
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Modern Home Builder - Winter 2017 - 50
Modern Home Builder - Winter 2017 - 51
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Modern Home Builder - Winter 2017 - 53
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Modern Home Builder - Winter 2017 - Cover3
Modern Home Builder - Winter 2017 - Cover4
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_vol7issue4b
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_vol7issue4a
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_vol7issue3
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_vol7issue3b
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_vol7issue3a
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_vol7issue2
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_vol7issue2b
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_vol7issue2a
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_vol7issue1
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_vol7issue1b
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_vol7issue1a
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_vol6issue4
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_vol6issue3
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_vol6issue2
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_vol6issue1
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_2018winter
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_2017fall
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_2017summervol3
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_2017summervol2
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_2017summervol1
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_2017spring
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_2017winter
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_2016fall
http://www.nxtbook.com/nxtbooks/knighthouse/mhb_2016summer
http://www.nxtbook.com/nxtbooks/phoenix/mhb_2016spring
http://www.nxtbook.com/nxtbooks/phoenix/mhb_2016winter_v2
http://www.nxtbook.com/nxtbooks/phoenix/mhb_2016winter
http://www.nxtbook.com/nxtbooks/phoenix/mhb_2015fall
http://www.nxtbook.com/nxtbooks/phoenix/mhb_2015springsummer
http://www.nxtbook.com/nxtbooks/phoenix/mhb_2015winter
http://www.nxtbook.com/nxtbooks/phoenix/mhb_2014fall
http://www.nxtbook.com/nxtbooks/phoenix/mhb_2014summer
http://www.nxtbook.com/nxtbooks/phoenix/mhb_2014spring
http://www.nxtbook.com/nxtbooks/phoenix/mhb_2013fall
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