The Real Deal Miami

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

Homebuilder increased its deposit to $7.5M
February 13, 2019 10:30AM

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