The Real Deal Miami

Boca picks 3 finalists in bidding for golf course

GL Homes, Lennar and Compson Boca Argent want to buy the 194-acre public golf course
November 26, 2016 02:00PM

Boca Raton Municipal Golf Course

Boca Raton Municipal Golf Course

The City of Boca Raton narrowed the number of potential buyers of a public golf course to three finalists.

The city council directed city staff to gather additional information about bids by Miami-based Lennar Corp., Boca Raton-based Compson Boca Argent LLC and GL Homes of Sunrise.

Compson Boca Argent offered $73.2 million for the 194-acre Boca Raton Municipal Golf Course, and GL Homes offered $73 million. Lennar’s $51 million offer includes a land transfer to the city that would reduce its payment to $41 million. 

City officials at one point had five offers for the golf course.

GL Homes would build almost 600 homes on the golf course property.

Compson, led by Boca Raton developer Robert Comparato, would donate 26 acres of the golf course property for a Torah Academy campus and would build 497 homes, plus a congregate living facility with 170 units, on the remaining 168 acres.

Lennar would build 390 homes and 95 villa-style residences, plus a congregate living facility with 200 beds on the 194-acre property.

Lennar offered to transfer ownership of the Ocean Breeze Golf Club, which the home building company has contracted to purchase from Wells Fargo Bank for an undisclosed price. However, Lennar has put a $10 million value on Ocean Breeze, which was closed on July 1. [Sun-Sentinel] — Mike Seemuth