Giles Capital Group, Rosemurgy Properties and the Schmier Property Group just paid $38 million for nearly 40 acres of agricultural land in West Boca.
The buyer, Glades 95th LLC, had the land at the southwest corner of Glades Road and 95th Avenue South under contract with plans to build a mixed-use project.
Last year, the Palm Beach County Commission approved a land-use amendment to allow for up to 304 apartments and about 165,000 square feet of commercial space on the site. Under the county’s workforce housing/bonus density program, it’s likely the group will get an additional 152 units because 25 percent of the residential portion will feature workforce housing.
Plans for the commercial portion include an indoor theater, retail, restaurants and a parking garage.
Records show the Yoland E. Ringger Trust, led by trustees Dixie Ann Houston and Daniel F. Johns, and Glades W95 LLC, also led by Houston and Johns, sold the properties.
The site is one of the few remaining pieces of agricultural land in Palm Beach County. It neighbors the Westwinds of Boca Shopping Center, which is anchored by Publix, Home Depot, Petco and DSW Shoe Warehouse.