PulteGroup pays $8M for 40 acres at Boca Lago Country Club
PulteGroup just closed on a 40-acre site within the Boca Lago Country Club for $8.3 million.
Pulte plans to develop a retirement community called Boca Flores on the Boca Raton land, the company announced on Monday. The 130-unit project will have two-story carriage-style homes with elevators and one-story villas. Prices will start in the high $300,000s.
The Atlanta-based home builder will launch sales in August and open model homes during the first quarter of next year. Homes in the gated community will range from 1,542 square feet to 2,399 square feet, and will include social memberships to Boca Lago.
The Boca project will be built on part of the golf course that was previously closed by the club, off Lyons Road and just south of Glades Road.
Pulte and other home builders in South Florida have taken advantage of available golf course land in recent months. Over the past year, 211 golf courses have closed and only 15 opened nationwide, according to the National Golf Federation.
Just last week, Pulte proposed building 850 homes on a former golf course in the Oak Tree community of Oakland Park in Broward County. The 139-acre site is the former Oak Tree Golf Course, which closed about 10 years ago. The company also recently paid $5.1 million for a former radio tower site in suburban Palm Beach County, where the national home builder plans 164 townhouses in a development called Preston Square. – Katherine Kallergis
Source: The Real Deal