Lennar, Toll Brothers among developers vying for a piece of Tuttle Royale project in Royal Palm Beach
Related Group is building 325 apartments as part of the master-planned community
Tuttle Royale, a master-planned $650 million community under construction in Royal Palm Beach, has attracted interest from developers like Lennar Corp. and Toll Brothers.
FCI Residential is under contract to pay $15 million for land where it plans to build 325 apartments, and Academica, a national charter school operator, is also set to pay $6 million for land within the development for a Sports Leadership and Management (SLAM) charter school, developer Brian Tuttle said.
Tuttle, of Tuttle Land Development, said he received at least eight letters of intent from prominent homebuilders, including Toll Brothers, DR Horton and Lennar, for about 25 acres.
Tuttle began assembling the land from more than 100 owners in 2013. He declined to provide the total amount he spent acquiring the land. Once completed, Tuttle Royale will consist of roughly 1,000 apartments, 100 single-family homes, a 150-room hotel and a 10-acre park. The project will also feature a charter school for 1,500 students and a 200-student preschool. In July, Tuttle closed on a $15 million loan for about 100 acres.
About two years ago, Tuttle sold roughly 30 acres to the Miami-based Related Group for $12.5 million. Related is currently building 325 apartments on that site, Tuttle said.
Tuttle will manage and develop about 400 apartments and will oversee the retail component, which includes a 30,000-square-foot grocery store and about 350,000 square feet of restaurant and entertainment space. He plans to bring a movie theater and boutique fitness concepts to the project.