The Villages is lining up an unrated bond offering expected to price Oct. 20. An investor presentation says the money will finance 3,860 new residential units and amenities including 27 additional holes of Championship golf and more recreation facilities.
Set about an hour north of Orlando, the 57,000-acre development is designed for people at least 55 and counts roughly 170,000 residents, making it the largest retiree community in the world. It was among the fastest growing U.S. metro areas from 2010 to 2020, and daily life often happens by golf cart across pools, courses, theaters, restaurants and shops.
The developer's expansion amounts to approximately 6,670 units, and to fund the project's first phase it secured roughly $127 million of borrowing during the prior year. Over the next two decades, the plan aims for more than 130,000 homes and a population topping 260,000 retirees. To date, about 83,400 age-restricted units have been sold. This year alone, more than 2,100 homes changed hands at an average price just under $500,000.
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Founded about 40 years ago, The Villages has drawn documentary attention, including Lance Oppenheim's "Some Kind of Heaven." The community's brand is part of its draw, with residents crisscrossing town by golf cart.
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