Homebuilder spends $37M on Palm Beach County land

Palm Meadows Thoroughbred Training Center
Palm Meadows Thoroughbred Training Center

Homebuilder Standard Pacific of Florida picked up nearly 160 acres adjacent to the Stronach Group’s Palm Meadows Thoroughbred Training Center in Palm Beach County for $37 million.

The Coral Springs-based firm acquired the land from two Canadian companies linked to Stronach in a transaction recorded on Friday, according to Palm Beach County records. No financing was recorded. Standard Pacific also filed a disclosure indicating plans to eventually construct homes on the land.

Stronach, which owns Gulfstream Park in Hallandale Beach, began operating the 300-acre Palm Meadows facility just outside of Boynton Beach in 2002. Numerous Kentucky Derby winners were trained there during the winter months.

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With vacant land scarce in Miami-Dade and Broward counties, major homebuilders have turned to Palm Beach County over the past few years. Examples include Kolter Group’s $112 million purchase of 600 vacant acres in Palm Beach Gardens in December 2013 and the $51 million sale of the Callery-Judge Grove in western Palm Beach County to Minto Communities in September 2013. — Eric Kalis