A Hines representative tells GlobeSt.com the developer does not disclose cost numbers on acquisitions or expansions. However, area marketers and construction sources tell GlobeSt.com the 641 residences will probably be built at an average hard cost of about $100,000 per unit. That would put the aggregate value of the expansion in the $65-million range, area brokers tell GlobeSt.com.

"We are excited to expand our presence and reputation in St. Johns County with this key acquisition and opportunity," Hines project manager Lane Gardner says in a prepared statement. Palencia's newest phase is being built along the Tolomato River and a second of the Intracoastal Waterway, including the Pine Island Fish Camp.

Hines senior vice president Michael Harrison says ICI Homes is "an excellent fit for a Hines community and especially for Palencia." Hines will be development manager for the design and construction of the infrastructure, amenities and for site preparation.

The master-planned project already includes a Village Center and a private 33,000-sf Palencia Club that has a 7,017-yard, Arthur Hills-designed golf course and a Café on the Green restaurant.