Homebuilder spends $37M on Palm Beach County land

Miami /
Sep.September 30, 2014 10:30 AM

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.

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


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