Toll Brothers is continuing to bet big on western Palm Beach County, adding another development to its portfolio at a massive housing community aimed at older adults.
The Pennsylvania-based homebuilder paid $31 million for a property it intends to develop into 469 single-family houses in an active adult community in Palm Beach Gardens. Toll Brothers bought the property from the development group Avenir Development, led by Landstar Development Group.
The age-restricted community, The Regency at Avenir, will be the third community that Toll Brothers is looking to build in the 4,783-acre master planned community west of Bee Line Highway. Avenir was approved for about 3,000 single-family homes, 400,000 square feet of commercial space and 1.94 million square feet of office space for the whole complex. The development will take 30 years to complete and will include a golf course as well as a crystal lagoon.
Homes in the Regency at Avenir will range from 1,800 to 2,800 square feet, and will have 10 different floor plans, according to a press release. Construction on the community’s sales center and model homes will begin this winter, with sales to start in the spring, according to Fred Pfister of Toll Brothers. He said homes will start in the $400,000 range.
Amenities in the complex will include a yoga studio, pool, a fitness and wellness center, outdoor amphitheater, ballroom, pickleball and tennis courts.
In June, Toll Brothers paid $21.7 million for 217 lots to build two new communities communities in the development, Windgate at Avenir and Watermark at Avenir.
Windgate at Avenir will have 119 homes ranging in size from 2,285 square feet to 2,930 square feet. Less than a mile from Windgate, Watermark at Avenir will have 98 homes ranging in size from 3,188 square feet to 3,831 square feet.
More homebuilders are seeking to develop new home communities in western Palm Beach County. Buyers are looking for more affordable homes and housing communities outside of major cities.
Other large-scale mixed-use communities include Westlake, Arden and Iota Carol.