Great Gulf paid $28.5 million for a waterfront development site in West Palm Beach that is currently home to a small multifamily project.
An affiliate of the Toronto-based condominium and single-family home builder acquired Poinsettia Club Apartments at 5400 North Flagler Drive, records and Vizzda show. The 2.5-acre site is along the Intracoastal Waterway and roughly five miles north of La Clara, a 25-story condominium that Great Gulf and its partner, Frank Trabold’s Texas-based Terrace Mountain Investors, completed last year.
Poinsettia Club consists of two three-story buildings with 72 apartments completed in 1966, records show. The seller, Palm Beach-based Frisbie Group, paid $24 million for the multifamily complex in 2021.
Great Gulf representatives did not respond to an email requesting comment about the firm’s redevelopment plans for Poinsettia Club.
In August, Great Gulf and Terrace Mountain completed a majority of the closings for all 83 units at La Clara, generating more than $209 million in unit sales. The joint venture broke ground on La Clara in 2019 and developed the project with a $110 million construction loan. Buyers at La Clara include financiers, real estate investors, designers and heirs.
Led by interim CEO William R.C. Tresham, Great Gulf was founded in 1975 and has primarily developed condo and single family homes in Ontario, the firm’s website states. La Clara was Great Gulf’s first South Florida project.
Deals for South Florida development sites have picked up since the beginning of the year. This month, Fort Lauderdale-based Affiliated Development paid $15.2 million for a 2.7-acre assemblage in the firm’s home city. Affiliated plans to develop The Era, a 400-unit apartment building with ground-floor retail.
Last month, Lima, Peru-based Grupo T&C bought a 0.8-acre development site in Miami’s Edgewater neighborhood for $19.2 million. Grupo T&C is planning to build a condominium on the assemblage, but the firm has not released any details. The seller, a subsidiary of Paris-based Groupe City, had previously planned a 55-story condominium with 128 units.