Recently, the nation’s largest builder, GL Homes, purchased a 29-acre parcel at the southwest corner of Atlantic Ave and Lyons Road. At the time of the transaction, the builder had already acquired more than 60 acres of land in the west Delray Beach area. Development plans have not been announced for these properties raising the question: What’s next for GL Homes in Delray Beach?
GL Homes in Delray Beach
According to a recent report, a GL Homes’ affiliate has been buying tracts of land near Atlantic Ave and Lyons Road over the past six years. Since 2015 the builder has paid almost $12 million through eight separate transactions for 62 acres of land. Most of the purchases have been for less than ten acres at a time. This most recent acquisition gives GL Homes a total of 71 acres near Lyons Road and West Atlantic Avenue.
Now that GL Homes has added 29 acres to its holdings, it would seem that the builder may be planning to develop a new residential community. However, GL Homes vice president Kevin Rattarree commented in a recent article that the company has not yet decided what to do with the land. According to Rattarree, GL Homes is “always looking for opportunities in this area (the Ag Reserve).” He also stated that the builder would decide what to do with the acreage at a later time.
One issue is that the parcels are not all contiguous. Therefore, GL Homes would have to buy some of the adjacent lots to undertake a development project. Additionally, according to a recent article, GL Homes developments usually involve 300 to 500 acres of land.
The 29-acre parcel is located across from Delray Marketplace and had been the planned location of a 279,000 square-foot commercial project by developer Delray Fields. However, Delray Fields defaulted on its mortgage, and the lender, Mecca Farms, foreclosed on the property. The land went up for auction at a foreclosure sale, and GL Homes made the highest bid. According to a recent report, Mecca Farms has had farming operations in the Ag Reserve for over 30 years and had purchased the land in 1996. At that time, Mecca Farms paid $379,500 for the property.
GL Homes Area Development
GL Homes is currently developing Valencia Sound, a new 55 + residential community on Lyons Road just a few miles north in Boynton Beach. Homes in Valencia Sound range in price from the $710s to 1.1 million.
According to a recent article, “GL Homes has already built more than 7,000 homes along Lyons Road from Hypoluxo Road to Clint Moore Road.” In March, the builder announced that it would be building a new planned development covering 362.7 acres west of Boynton Beach on land currently owned by the Whitworth family. GL Homes anticipates closing on the property later this year and beginning construction in the second quarter of 2022. Upon completion, the new community will be the eighth GL Homes’ development along Lyons Road between Boynton Beach Boulevard and Atlantic Avenue.
At Rabideau Klein, Guy Rabideau, Esq. and David E. Klein, Esq. are dedicated, Florida Bar Board-Certified Real Estate Attorneys with the local expertise and experience you need to ensure that your interests are protected during your real estate transaction in the Town of Palm Beach and throughout Palm Beach County. Contact Rabideau Klein today to discuss your real estate legal needs.