GL Homes lowers winning bid for Boca Raton golf course

GL is offering $8M less than original bid after reevaluating costs to clean up the land

Miami /
Oct.October 25, 2017 02:00 PM

Sunrise-based GL Homes won the bid to buy the city of Boca Raton’s public golf course, but has scraped $8 million off its original $73 million offer, according to the Sun Sentinel.

The 194-acre Boca Raton Municipal Golf Course drew a number of interested developers, like Miami-based Lennar Corp. and Boca Raton-based Compson Boca Argent LLC.

GL is now offering $65 million after reevaluating the costs to clean up the land, according to its vice president Larry Portnoy. He told the city council on Tuesday GL learned more about the golf course, which was contaminated by fertilizer used on its grounds and two communication towers, according to the Sun Sentinel.

City officials at one point had five offers for the 27-hole golf course. Lennar said it would keep its $73 million offer, so long as the city pays for environmental fixes and the costs to house its workers, according to the Sun Sentinel.

GL plans to build 580 homes on the site. The city could still back out of the deal and will negotiate a final price with GL in November, according to the Sun Sentinel.

In another proposal GL is looking to build houses in Palm Beach County’s Agricultural Reserve, a 22,000-acre farming zone west of Boynton Beach. GL said the company would donate $10 million and 105 acres of land for construction of a public high school and an elementary school, if approved. [Sun Sentinel]Amanda Rabines


Related Articles

arrow_forward_ios
Lennar's Stuart Miller, Rick Beckwitt  with the site (Google Maps; Lennar)
Lennar pays $8M for South Miami-Dade housing community site
Lennar pays $8M for South Miami-Dade housing community site
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)
Kate Ford’s Palm Beach estate sells for $55M
Kate Ford’s Palm Beach estate sells for $55M
North American Development Group CEO John Preston and the Via Mizner Golf & Country Club at 6200 Boca Del Mar Dr (NADG; Google Maps)
Multifamily developer buys former Boca Raton golf course
Multifamily developer buys former Boca Raton golf course
Lennar Executive Chairman Stuart Miller (iStock)
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
Lennar's Stuart Miller and 28600 Southwest 132nd Avenue (Google Maps)
Lennar spends $29M on Homestead mobile home park, plans new community
Lennar spends $29M on Homestead mobile home park, plans new community
Boca Raton Municipal Golf Course with GL Homes' Misha Ezratti, head of GL Homes and Boca Raton Mayor Scott Singer (Google Maps, Lila Photo via GL Homes, Twitter)
Slow play: GL Homes’ purchase of Boca Raton golf course pushed to 2021
Slow play: GL Homes’ purchase of Boca Raton golf course pushed to 2021
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...