Minto Communities sold 63 acres of its Westlake master-planned community to Label & Co., where the company plans to build 204 new homes.
The homebuilder sold the property at 16610 Town Center Parkway North in western Palm Beach County for $10.2 million or nearly $162,000 per acre, records show.
Label & Co.’s president, Harry Posin, is a former executive of Minto Communities and former board member of its parent company, Minto Developments, according to its website. Label & Co. is a boutique homebuilder.
Label & Co.’s new homes will be known as Sky Cove of Westlake, which will offer three- and four-bedroom homes ranging from 1,400 square feet to 2,200 square feet. Prices will start in the low $300,000s.
Westlake will be one of the largest master-planned communities in South Florida spanning 3,800 acres. The property is approved for 4,500 homes and more than 2 million square feet of commercial development.
Last month, Minto sold a 270-acre parcel to Kolter Homes for $52 million to develop a 55-plus active adult neighborhood with approvals to build up to 800 homes.
The Westlake community will also include a large amenities center known as the Westlake Adventure Park. The park is slated to open this summer and has a concert pavilion, recreational lawn areas, an adventure playground and bocce ball courts. There will also be a resort-style lagoon pool with a waterslide, splash pad and concession stand.
Earlier this month, the first new commercial development and healthcare facility in the city, ER at Westlake, opened to patients.
Minto bought the land for Westlake in September 2013 for $50 million.
Label & Co.’s other communities include the 125-unit Chapel Grove townhouse development, as well as Centra Falls and West Centra Falls, all three of which are in Pembroke Pines.