SobelCo. buys 94 lots at Banyan Cay for $10 million
Boca Raton-based SobelCo. paid $10 million for 94 lots at the Banyan Cay Resort & Golf Club in West Palm Beach.
SobelCo. executive Tirso San Jose told the Sun-Sentinel the company will build single-family homes at Banyan Cay priced from the $500,000s to the $800,000s, and the first homes probably will be ready for occupancy early next year.
Planned development at Banyan Cay also includes 200 condominium units, a hottel by Noble House Hotels & Resorts, and a golf course designed by Jack Nicklaus.
Banyan Cay is located east of Interstate 95 next to the Palm Beach Outlets shopping center at 1751 Palm Beach Lakes Boulevard.
Banyan Cay Dev LLC paid $26 million for Banyan Cay in 2015, when the master-planned development was known as The President Country Club.
Other projects in the pipeline at SobelCo. include two condominium developments in Fort Lauderdale called 321 at Water’s Edge and Galleria Lofts. The company also is working on two townhouse developments in Pompano Beach. [Sun-Sentinel] – Mike Seemuth