PHOENIX, AZ -- Meritage Homes is expanding its national reach by beginning to secure land positions for its new Tampa division, broadening its presence in the southeast. The company plans to begin building energy-efficient homes in Tampa during the first quarter of 2012.
This is Meritage's second new expansion market this year. The homebuilder entered into the desirable Raleigh-Durham, N.C., market in April and opened its first communities for sale there in October. Meritage Homes is one of the top 10 homebuilders in the nation, and among the top five homebuilders in many of its largest markets.
"The Tampa area is one of the most attractive homebuilding markets in the southeastern United States, with the second-largest economy in Florida and strong job growth expected," said Meritage Homes Chief Executive Officer Steve Hilton. "It offers us another opportunity to redeploy our resources into an area where we can grow and leverage the expertise of our current managers in the southeast."
Meritage Homes appointed a senior management team headed by Fred Vandercook, Florida division president, to manage this expansion. Under Fred's leadership, Meritage's Florida division has been one of the company's best performing divisions, with division revenue increasing more than 50 percent since he was appointed president.
"Tampa has a large employment base of 1.1 million that includes desirable, robust industries such as medical, retail, technology and energy, and is expected to add approximately 14,800 jobs this year, combined with a relatively low supply of resale homes and declining listings," said Vandercook. "We plan to offer new Meritage homes at competitive prices with features you won't find in other new or resale homes. Just as we experienced in Orlando, we are confident that home buyers will recognize that Meritage homes offer better living and tremendous value over most other homes."
As part of this strategic repositioning, Meritage will be winding down its homebuilding operations in Las Vegas as it builds out and completes its existing open communities. The company intends to sell its remaining lots in communities it has not opened, and expects to incur charges of approximately $8 million related to these plans during the fourth quarter of 2011.
Meritage Homes is known nationally for its high-performance, energy-efficient homes which incorporate advanced building technologies. These features are integrated into the homes' designs from the ground up and included at no extra cost to home buyers, resulting in energy savings up to 50 percent or more compared to the average existing home in the U.S. Meritage has been driving this residential revolution since 2009 and was the first national homebuilder to exceed the EPA's ENERGY STAR® qualification requirements in all of its homes beginning in 2010.
For more information, visit meritagehomes.com.