GL Homes pays $60M for 290 acres in Boynton Beach
Homebuilder is seeking Palm Beach County approval to build more than 700 homes on Agricultural Reserve farmland
GL Homes paid $60 million for 290 acres of Boynton Beach farmland with plans to double the size of a neighboring residential community development site.
The Sunrise-based homebuilder acquired the farmland in Palm Beach County’s Agricultural Reserve from the Whitworth family, according to records and Vizzda.
Last year, the Whitworths sold an adjacent 290 acres, also for $60 million to GL Homes. The homebuilder received Palm Beach County approval to build a 55-plus community with 277 single-family homes called Valencia Grand on the site. Construction is slated to begin later this year.
In December, GL Homes filed a new proposal to increase the number of houses at Valencia Grand to 704 on the now nearly 600-acre site, according to published reports. The new community would also feature 78 acres of lake and 116 acres of open space.
Under the sale agreement, GL Homes also would be required to pay the Whitworth family $40,000 for each home sold at Valencia Grand, according to Vizzda.
Valencia Grand is part of a larger plan by GL Homes to build 1,250 houses on 22,000 acres of agricultural land. The county requires that developers leave 60 acres untouched for every 40 acres they develop.
Last year, the Palm Beach County Commission voted 4-3 to give preliminary approval for GL Homes’ master plan. The developer is proposing to build on 653 acres of preserved farmland in exchange for 1,600 acres in Indian Trails Grove in northwest Palm Beach County, as well as develop and possibly pay for a water resources project in the area.
Several environmental groups and civic organizations are opposing GL Homes’ plans.
GL Homes, led by President Misha Ezratti, is actively building other residential communities throughout South Florida. In December, the company paid $35.3 million for 337 home lots in Avenir, a master-planned mixed-use community spanning 4,800 acres in Palm Beach Gardens.