Palm Beach developer sells 173 acres in Parkland for $53M

Miami /
Dec.December 01, 2014 02:15 PM

The land-flipping season is back in full force in South Florida, resembling the days of the real estate boom-gone-bust less than a decade ago.

West Palm Beach developer Brian Tuttle just sold 173 acres in Parkland for $53 million, four times what he paid for the assembled site between February 2013 and April 2014, according to Broward County public records.

Back then, Tuttle’s various LLC’s paid $13.36 million for the four parcels in northwest Broward. The land is currently home to horse farms and stables, a recycling plant, rock pit, outdoor storage and vacant land.

When Tuttle’s companies first bought the land, he was only allowed to build one home per every 10 acres. But that changed earlier this year when Tuttle successfully obtained Broward County’s approval to change the site’s land use to allow about 531 homes. The lofty price reflects the new development rights.

The buyer is Hovsite 111 at Parkland, an affiliate of national homebuilder Hovnanian Enterprises, in Red Bank, New Jersey. The land is at 15400 Loxahatchee Road, west of the future Nob Hill Road between Loxahatchee and County Line roads.

Hovnanian is one of several national builders chasing development opportunities in this section of Parkland, known as “the wedge.” The wedge-shaped area consists of 1,949 undeveloped acres that used to belong to Palm Beach County until a few years ago, when it was transferred to Broward County. Parkland officials eventually incorporated about a third of the wedge into the city. Since nearly 680 acres out of the 1,949 became part of Parkland, an affluent suburban community, developers like Lennar Homes and Standard Pacific Corp. have raced to secure home sites in a region where land available for development is scarce.

Parkland, designed to be an equestrian community, is one of the most active neighborhoods in Broward when it comes to residential development. Other developers building there are WCI Communities and Toll Brothers. In total, the area – known for elaborate landscaping, top-rated schools and large homes – expects to see more than 1,500 new homes in the near future.


Related Articles

arrow_forward_ios
American Landmark CEO Joe Lubeck and The Marin. (American Landmark, Arium)
American Landmark buys Plantation apartments for $58M
American Landmark buys Plantation apartments for $58M
Robert M. White, Jr. and 2900 Northeast 24th Court in Fort Lauderdale (Compass)
Real Capital Analytics founder buys waterfront Fort Lauderdale home for $5M
Real Capital Analytics founder buys waterfront Fort Lauderdale home for $5M
Coral Falls at 2801 Northwest 91 Avenue with Landmark Companies principals Michael Gottlieb, Eric Harvitt, and Joel Schwartz (Google Maps)
Landmark Cos. buys Coral Springs apartments for $40M
Landmark Cos. buys Coral Springs apartments for $40M
Commercial Tower and East Sunrise Boulevard
Lease roundup: Iberia Foods takes 78K sf space & more
Lease roundup: Iberia Foods takes 78K sf space & more
Pharma exec Glenn Rice and his new Fort Lauderdale mansion. (LinkedIn via Rice, Compass)
Pharma mogul buys waterfront home in Fort Lauderdale for $16M
Pharma mogul buys waterfront home in Fort Lauderdale for $16M
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Publix CEO Todd Jones (Google Maps, Publix)
Publix pays $10M for site of new Fort Lauderdale supermarket
Publix pays $10M for site of new Fort Lauderdale supermarket
CubeSmart CEO Christopher Marr (Google Maps, LinkedIn via CubeSmart)
CubeSmart buys Weston self-storage for nearly $12M
CubeSmart buys Weston self-storage for nearly $12M
arrow_forward_ios

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

Loading...