Kenco Communities purchased 104 homesites at the Avenir mixed-use development in Palm Beach Gardens for $17.9 million.
The West Palm Beach-based homebuilder bought the Pod 18 development site that spans nearly 51 acres from an affiliate of Avenir master developer Landstar Development Group, according to records and real estate deals database Vizzda.
The 4,750-acre Avenir, on the northeast corner of Northlake and Grapeview boulevards, is a master-planned community that at full buildout will include about 3,900 residential units, mostly single-family homes; a 300-key hotel; 200,000 square feet of medical offices; and 400,000 square feet of retail. Avenir, which is largely marketed to homebuyers as allowing them a lifestyle amid nature, also will have a 2,400-acre preserve.
Palm Beach Gardens approved the project in 2016.
Since then, Coral Gables-based Landstar has been selling Avenir sites to homebuilders and commercial real estate development firms.
Under the terms of the latest deal, Kenco has to pay Landstar’s affiliate more than the actual purchase price. Kenco also must pay $16,620 when it sells a completed home, as well as 2 percent of each home sale price, according to a memorandum agreement. The firm also has to pay an undisclosed amount of impact fees for Pod 18 that will go to the Avenir Community Development District for the development’s infrastructure.
The Avenir CDD is a quasi-governmental entity that can collect assessments and seek bond financing for the development of the master-planned community’s roads, sewers and other infrastructure.
In February, the CDD raised $79.7 million by selling bonds to nine municipal bond mutual funds. Five Landstar partners head the CDD board.
If Kenco sells a homesite prior to building on it, it has to pay Landstar $39,500, records show.
Founded by Ken Endelson, Kenco already has a pipeline at Avenir. In 2019, the firm paid $5.5 million for 40 homesites at 12200 Northlake Boulevard, with plans for the Coral Isles at Avenir residential community. According to Kenco’s website, Coral Isles offers single-family homes ranging from 3,200 square feet to 5,800 square feet. Asking prices start at $1.7 million to more than $2 million.
In April, Delray Beach-based Kolter Group bought 144 homesites at Avenir for $18.1 million. Last year, Sunrise-based GL Homes scooped up 337 home lots for $35.3 million.
Read more
Commercial
South Florida
Community development district buys part of Avenir project in Palm Beach Gardens