The city of Wildwood, Florida, sold more than $155 million in bonds to finance an extension to the retirement community known as the Villages and a series of infrastructure improvement projects.
The bonds mature between 2028 and 2054, yielding between 4.25% and 5.25%. The city has not applied for a rating for the bonds.
Wildwood is a city in central Florida, northeast or Orlando. It borders the Villages, a retirement community that is the fastest growing metropolitan area in the county. The bonds will finance a new development that will become part of the Villages.
“Homes in the development will be marketed as part of the Villages,” according to the official statement accompanying the sale of the bonds.
As of 2022, the Villages metropolitan area had more than 140,000 residents. The new development is expected to create an additional 7,318 residential units. Half of those will be age-restricted in line with Villages policy, which mandates a minimum age of 55 for residents.
The Villages Development Company will begin selling homes in Wildwood in the fourth quarter of this year, with construction expected to complete by the end of 2026. Homes will range from 1,600 square feet to more than 4,000 square feet, with price tags between $200,000 and more than $1 million.
Among the infrastructure that the bonds will finance are public roadways, tunnels, drainage and stormwater improvements, wetland and wildlife mitigation activities, and landscaping and irrigation in Wildwood’s public spaces. The city estimates the total cost of the project to be almost $250 million.
Jefferies LLC served as lead underwriter on the issuance.