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South Florida

Homebuilder buys 242 acres in Palm Beach for $17.5M

GL Homes bought 242 acres next to the Florida Turnpike
GL Homes bought 242 acres next to the Florida Turnpike

More than 240 acres in Palm Beach County were sold to a Sunrise-based home builder for what will likely become a housing development.

An affiliate of GL Homes paid $17.5 million for the site, which is currently zoned for agriculture.

The land is located along 8716 Sunbeam Mountain Terrace and 12940 Acme Daily Road in Boynton Beach. Owners Richard and Kim Amestoy sold the property to Boynton Beach Associates XXII, an affiliate of the developer, the South Florida Business Journal reported.

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The Amestoys bought the property in 2005 for $3.6 million, according to Palm Beach County property records.

Valencia Cove, one of GL Homes’ developments, outperformed all single-family communities in Palm Beach County with 316 home starts and 135 move-ins during 2014, the South Florida Business Journal reported.

The homebuilder also purchased a combined 102 acres of agricultural land in September for $12 million. [South Florida Business Journal] — Sean Stewart-Muniz

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Boynton BeachGl Homes