PulteGroup pays $21M for Lake Worth Beach townhomes dev site

PulteGroup paid $21.1 million for a 27-acre development site for a planned townhouse community near Lake Worth Beach.

Records show the Atlanta-based developer cobbled the site together across five separate deals. The assemblage along Military Trail and Sylvia Lane is approved for Everton, a 210-townhouse project, according to Brent Baker, the firm’s division president for Southeast Florida. Pulte expects to break ground in the next  six months, marking the latest addition to its development pipeline in Palm Beach County. 

Everton’s townhouses will be priced in the $400,000s and $500,000s, a range Baker said was “underserved” in the county. The community will be gated, and amenities will include a pool and cabana, according to a press release. Baker anticipates buyers for the two-story units will be young professionals and young families. Sales for Everton will begin late next year, with move-ins expected to begin in 2025, and final completion planned for 2027, Baker said. 

The Everton development site was years in the making, a byproduct of land scarcity in Palm Beach County, he said. 

“You’ve got to get creative. We’ve been working on this deal for three-plus years,” Baker said. “At least now we can start doing real work.”

Baker said Pulte would build more projects at this price point, but rising land costs in Palm Beach County are prohibitive. 

“There’s incredibly high demand at this price point because it’s so underserved,” he said. 

Among Pulte’s other Palm Beach County developments are its planned projects in Palm Beach Gardens’ Avenir. In October of last year, Pulte bought 80 homesites for $8 million in Avenir. That’s in addition to the  $13.7 million site Pulte bought for its planned Avondale at Avenir project, which will have 390 single-family homes. 

In Broward, Pulte dropped $6.9 million in July of last year for a development site in Plantation for an 86-unit townhouse project.