Toll completes $84M Boca land purchase

Miami /
Dec.December 03, 2013 09:45 AM

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.


Related Articles

arrow_forward_ios
Sheer Science CEO Jonathan Greenhut. (LinkedIn via Jonathan Greenhut, The Koolik Group / Compass)
Skincare CEO buys lakefront Boca Raton mansion for $5M
Skincare CEO buys lakefront Boca Raton mansion for $5M
Robert Reffkin and Michael Karp (Compass, Linkedin)
Compass acquires BEX Realty’s Florida agents
Compass acquires BEX Realty’s Florida agents
4400 Sanctuary Lane, Boca Raton and Haagen-Dazs founder Reuben Mattus (Google Maps, iStock, Haagen-Dazs)
Sweet sale: Daughter of Haagen-Dazs founders sells waterfront Boca Raton mansion
Sweet sale: Daughter of Haagen-Dazs founders sells waterfront Boca Raton mansion
Omicrom’s Dan Statlander with (clockwise from left) Fountains Center, Boardwalk @ 18th, Grove Centre and City National Park (Omicrom Development)
Here’s what tenants pay at this newly recapitalized Boca Raton mixed-use portfolio
Here’s what tenants pay at this newly recapitalized Boca Raton mixed-use portfolio
Alexander Bafer and 824 Pelican Point Cove, Boca Raton (LinkedIn, Choeff Levy Fischman Architecture)
Former Facebank CEO buys waterfront Boca Raton spec home for $12M
Former Facebank CEO buys waterfront Boca Raton spec home for $12M
Terranova founder Stephen Bittel and Cineworld CEO Mooky Greidinger with Shadowood Square (Getty, Google Maps, Terranova, iStock)
Terranova wins suit against Regal Cinemas over $807K in unpaid rent at Boca Raton shopping center
Terranova wins suit against Regal Cinemas over $807K in unpaid rent at Boca Raton shopping center
James and Marta Batmasian with former Boca Raton Mayor Susan Haynie (Investments Unlimited)
Ex-Boca mayor pleads guilty in public corruption case over financial ties to real estate tycoon
Ex-Boca mayor pleads guilty in public corruption case over financial ties to real estate tycoon
1871 Thatch Palm Drive in Boca Raton’s Royal Palm Yacht & Country Club. (Royal Palm Properties)
Homebuilder sells Boca Raton house for $6M
Homebuilder sells Boca Raton house for $6M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...