The Real Deal Miami

Lennar pays $11.5M for Boynton agricultural land

Site is being eyed for townhome community
The 33-acre development site at 5300 Flavor Pict Road in unincorporated Palm Beach County

The 33-acre development site at 5300 Flavor Pict Road in unincorporated Palm Beach County

Miami-based Lennar Corp., one of the country’s largest homebuilding companies, just paid $11.5 million for a chunk of agricultural land west of Boynton Beach.

The sale includes almost 33 acres of farmland at 5300 Flavor Pict Road, which sits roughly five miles west of the Hunter’s Run Golf & Racquet Club. The land is surrounded by housing communities that were built in the late 1990s and early 2000s.

A Palm Beach County agenda showed that the land’s previous owners, a three-way partnership, had applied to rezone the land for a townhome community. Most of the land is occupied by crops and a vacant packing plant, according to the agenda.

Stuart Miller, CEO of the Lennar Corp.

Stuart Miller, CEO of the Lennar Corp.

The new zoning would allow for the development of 218 townhomes — with 29 units set aside for workforce housing — a recreation center, a 0.3-acre park and a six-acre “lake tract.”

The previous owners were Lois Dubois LTD., Joyce A. Haley as trustee of the William A. Dubois Sr. Revocable Living Trust, and HGC LLC, an affiliate of Howard Fertilizer & Chemical Company based in Orlando.

No financing was recorded for the sale.