GL Homes wants to push back $65M purchase of Boca Raton golf course

Homebuilder increased its deposit to $7.5M

Miami /
Feb.February 13, 2019 10:30 AM

Misha Ezratti and a golf course

GL Homes wants to delay its purchase of the Boca Raton Municipal Golf Course, offering to raise its deposit to $7.5 million.

Because the city is missing out on collectible interest, staff is urging the city council to close on the $65 million sale quickly, the Palm Beach Post reported. GL Homes, a homebuilder based in Sunrise, is hoping to push the closing back to October 2020, despite getting approvals from the Palm Beach County Commission last year to build more than 550 homes on the 190-acre golf course. (The deal was contingent on the developer getting approvals for the land.)

The city has until May to decide on extending it to October 2019 or October 2020. May is the current closing month.

Pushing the closing back also gives Boca Raton golfers more time to use the course.

If GL Homes were to back out of the deal, the city would keep the cash deposit, which the homebuilder had already offered to increase from $2 million to $3.5 million.

A number of homebuilders are resorting to buying golf courses as the sport’s popularity has declined and the supply of available land continues to dwindle throughout South Florida. [Palm Beach Post] – Katherine Kallergis


Related Articles

arrow_forward_ios
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Opterra Capital buys Holiday Inn & Suites Boca Raton for $13M
Opterra Capital buys Holiday Inn & Suites Boca Raton for $13M
Opterra Capital buys Holiday Inn & Suites Boca Raton for $13M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
CP Group Managing Partner Angelo Bianco with One Town Center (CP Group)
Singaporean REIT pays $100M for One Town Center office building in Boca Raton
Singaporean REIT pays $100M for One Town Center office building in Boca Raton
5900 Northwest Broken Sound Parkway and Pebb Enterprises President and CEO Ian Weiner (CBRE, Pebb)
Pebb Enterprises buys Boca Raton office building for $15M
Pebb Enterprises buys Boca Raton office building for $15M
Alina Residences in Boca Raton (Alina Residences)
El-Ad scores $53M construction loan for Alina Residences in Boca Raton
El-Ad scores $53M construction loan for Alina Residences in Boca Raton
arrow_forward_ios

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

Loading...