Major homebuilders continue to gobble up large development sites in Palm Beach County.
In the latest example, Toll Brothers has closed on the $83.5 million purchase of 122 acres in Boca Raton, The Real Deal has learned. The Horsham, Pa.-based company plans to build gated luxury residential community called Royal Palm Polo on the 6300 Clint Moore Road site.
Polo Realty of Boca Raton is the seller, according to Palm Beach County records. The selling company is managed by the Oxley family of Tulsa, Okla. The county recorded the transaction Monday.
Toll obtained a $55.7 million mortgage for the acquisition. The loan document has not yet been recorded by the county.
Sales at Royal Palm Polo are expected to launch next spring. Prices for the 223 homes range from $1.2 million to $2 million. Homes will have between four and seven bedrooms and three or four-car garages.
Boca Raton council members approved the annexation of the Royal Palm Polo site last month. It marked the first time the city expanded its boundaries in nine years.
Vacant land is at such a premium in Boca Raton that builders are turning to golf courses as potential project sites. County zoning commissioners are scheduled to address a proposal to develop 288 homes on the 130-acre Mizner Trail Golf Club this Friday. The project faces substantial resistance from nearby residents.
Proposed projects could bring more than 23,000 new homes to Palm Beach County. A 2,000-home development on 1,200 acres previously zoned for rock mining at Palm Beach Aggregates was approved by county commissioners last month.
Other potential developments include Minto Communities’ plan to build 6,500 residences and 1.4 million square feet of commercial space on the nearly 3,800-acre Callery-Judge Grove. Minto also wants to develop a college campus and baseball spring training facility on the site.