A multifamily developer acquired more than 125 acres on a former Boca Raton golf course, with plans that could include the construction of 115 single-family homes and 137 townhomes.
North American Development Group paid $33 million for the land at 6541 Canary Palm Drive and 22725 Camino Del Mar, according to records. The property was part of Mizner Trail Golf Club, which opened in the 1970s and closed in 2005, according to media reports.
NADG, which also develops retail properties, is led by John W.S. Preston.
The sellers were companies affiliated with the Comparato family, who are behind development firm Compson, and Philip Bliss, who is affiliated with the Bliss Monogramming business in Boca Raton. The sellers bought the course in 1998 for $8 million, according to records.
The deal includes stipulations that would require NADG pay more than $7 million over the sale price.
That would break down to $36,760 for each single-family home NADG builds and another $23,770 for each townhome it builds, according to records.
In 2014, Compson sought approval for a 288-residence community there. Neighbors at the time fought the project because of concerns over view obstruction and traffic and the plan was scrapped.
Shuttered golf courses have proven popular for redevelopment sites in land constrained South Florida.
Locally, GL Homes wants to buy a golf course owned by the city of Boca Raton to build more than 500 homes. In Tamarac, 13th Floor Homes plans to develop a housing community on former golf courses there. And Lennar Corp. spent $27.6 million for a development site on a former golf course in Delray Beach.