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
From left: MHCommercial Real Estate Fund II's Jordan Paul, Dung Lam and Neil Merin along with the Yamato Office Center in Boca Raton and the Bridge Point Powerline Road in Pompano Beach (NAI Global, LoopNet, Getty Images)
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Candice and Steven Stark with 1371 Royal Palm Way (Getty, Royal Palm Realty)
Luxury carpet mogul drops $17M for house on Royal Palm golf course in Boca Raton
Luxury carpet mogul drops $17M for house on Royal Palm golf course in Boca Raton
From left: Contrarian Capital's Jon Bauer and Pebb Enterprises' Ian Weiner with Meridian Office Center
Pebb JV buys Boca Raton office complex for $30M
Pebb JV buys Boca Raton office complex for $30M
From left: Sotheby’s Daniel de la Vega and Reagan Jefferies with Brevard County
One Sotheby’s picks up Brevard County brokerage
One Sotheby’s picks up Brevard County brokerage
10181 US Highway 98 West and 39 Sandy Dunes Circle (LoopNet)
Florida Panhandle estate sold for $25M
Florida Panhandle estate sold for $25M
Netscape co-founder Jim Clark and 2000 South Ocean Boulevard in Manalapan (Getty, Sotheby's)
Manalapan compound poised to sell for Florida-record $175M
Manalapan compound poised to sell for Florida-record $175M
(left to right) Nuveen's Mike Nuveen with 800 Waterford Way and Pebb Enterprises' Ian Weiner with 5355 Town Center Road (CoStar, Nuveen, TVS Design, Pebb)
Lease roundup: Nuveen nabs fintech tenant in Miami, Brookfield scores 20 leases at Boca’s Mizner Park
Lease roundup: Nuveen nabs fintech tenant in Miami, Brookfield scores 20 leases at Boca’s Mizner Park
A map highlighting both the entire Arden home community and the portion that GL Homes bought with GL Homes President Misha Ezratti (GL Homes, Google Maps)
GL Homes pays $28M for homesites at Arden near Wellington
GL Homes pays $28M for homesites at Arden near Wellington
arrow_forward_ios

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

Loading...