Gulfstream Polo Club sells its lands to home builder for $49M

Property owners first listed property for sale more than 10 years ago

May.May 03, 2016 11:15 AM

The Gulfstream Polo Club, a 93-year-old fixture of Palm Beach County’s equestrian culture, and several private owners have closed on the sale of their Lake Worth lands to developer Pulte Homes for $49 million.

Brokerage Atlantic Western Realty Corp., which represented the club, announced the sale on Tuesday. The deal includes the polo club and several surrounding privately owned horse farms, altogether totaling about 160 acres of land.

This sale has been in the making for a long time, according to Atlantic Western. Most of the property owners hired Atlantic to list the lands back in 2004 and have since waited more than a decade for the right deal.

Alongside the 160 acres included in the Gulfstream deal, Pulte also has an additional 70 acres next door under contract, according to Atlantic Western.

A land use application from the developer shows it plans to build 973 homes on the roughly 225-acre site. The community would be called Gulfstream Polo Properties.

Pulte’s spokesperson told The Real Deal that the community will be under the DiVosta brand with a mix of single-family homes, townhomes and an amenity center. Pricing and floorplans will be released later this year, with a grand opening slated for 2017.

This isn’t the first time a chunk of Lake Worth horse country has been bought out by developers. Lennar Homes is building its Gulfstream Preserve single-family home community to the north, and Standard Pacific — now known as CalAtlantic Group — owns roughly 70 acres directly to the west.

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