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South Florida

Despite slowdown, GL Homes closes on 1,000 acres

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GL Homes has closed on a purchase of 1,068 acres of land for $117 million. The land, which lies west of Delray Beach, was under contract during the real estate boom, but was closed on early this month. According to plans submitted to county officials in 2005, GL plans on allowing half the land to remain farmland in accordance with county rules. Industry leaders say the company may be stocking up on land for use after the recession when land becomes scarce again.