Related Ross will buy 71 acres of village-owned land in Wellington for $46.3 million, after an amended purchase agreement was approved Tuesday.
The firm of billionaire developer and Miami Dolphins majority owner Steve Ross previously agrreed to pay $28.3 million for the eastern portion of the former K-Park Parcel where hotels, retail, and residences are planned. Singapore-based Education in Motion was to pay $18 million for the western portion, where a preK-12 school called Wingrove Academy will be built.
But Education in Motion withdrew from its purchase agreement, and Ross picked up the entire purchase of the property, at 10400 Stribling Way.
Wingrove Academy will still be run by ElevateEd, a West Palm Beach-based company headed by Education in Motion co-founder Karen Young and business consultant Marianne Rehn, said Related Ross spokesperson Maura Daves.
Related Ross is buying the entire parcel to provide “bridge financing so the project can stay on schedule, close on the land, and meet the village’s requirements,” she said. Wingrove Academy will purchase and own the land once all financing for the project is arranged.
Wellington officials rezoned the parcel earlier this month to allow up to 210,000 square feet of retail, 105,000 square feet of restaurant space, a 180-room hotel, 75,000 square feet of office and 215 residential units. The 405,000-square-foot school will serve 1,750 students, designed by Boston-based architecture firm Elkus Manfredi, with sports fields and an aquatic center.
At least 100 Wellington students will be able to apply for financial support to attend the school, Wingrove Academy CEO Jeff Clark said. The school is expected to provide annual reports to the council.
Related Ross anticipates it will complete the acquisition of the former farmland by the spring, with the goal of opening Wingrove Academy by the fall of 2028, Daves said.