The Real Deal Miami

SobelCo to build 94 houses east of I-95 in West Palm Beach by mid-2019

It will be city's first development of new houses east of Interstate 95 in more than a decade
September 29, 2018 11:40AM

Banyan Cay Resort and Gold Club site in West Palm Beach

Boca Raton-based SobelCo expects to build 94 houses in West Palm Beach by middle of next year – the city’s first development of single-family homes east of Interstate 95 in more than a decade.

SobelCo will build the 94 houses over the next eight months, according to Tirso San Jose, the company’s vice president of residential development.

San Jose also told the Palm Beach Post that prices for the three- and four-bedroom houses will range from the $500,00s to the $700,000s.

The SobelCo development will be the first cluster of new houses east of I-95 in West Palm Beach since a 19-home community called Orchid Lane, where construction started in 2004, according to city spokeswoman Kathleen Walter.

SobelCo will build on 50 acres the company bought for $10 million in 2017. The 50 acres is within a 250-acre master-planned development called Banyan Cay Resort & Golf Club, formerly known as President Golf Course.

SobelCo bought the 50 acres from Banyan Cay Dev LLC, which acquired the President Golf Course property for $26 million in 2015.

The old President Golf Course had two 18-hole golf courses: One was approved for redevelopment, and the other now operates under the name Jack Nicklaus Signature Golf Course.

The Banyan Cay Resort & Golf Club property is zoned for a total of 150 houses, including the 94 that SobelCo will build, plus a hotel and a condominium, according to Domenic Gatto, founder of Banyan Cay Dev LLC.

Gatto told the Post that construction started in August for a Nobel House Hotel, a four-story, 150-room hotel expected to open early next year.

He also told the newspaper that his company soon will announce plans for a 20-story condominium with 175 units at Banyan Cay Resort & Golf Club at 2300 Presidential Way, near the Palm Beach Outlet Mall . [Palm Beach Post]Mike Seemuth