Saturday, January 05, 2013
GL HOMES BUYS AG RESERVE LAND SOUTH OF BRIDGES ON LYONS ROAD FOR 610 SINGLE FAMILY HOMES
Estimation is that GL Homes now owns 1300 acres in a rectangular-shaped area north of Clint Moore Road. It is expected that they will build communities similar to The Bridges, but there are no immediate plans to break ground on the property. Purchase of two parcels bought separately was reportedly for $150MM.
The Agricultural Reserve was formed, 21,000 acres, in 1947 to preserve farmland, and County rules have changed to allow suburban-style clusters as long as 60% is set aside for preservation. Both newly purchased parcels have been recently used for farming.
According to Brad Hunter, Chief Economist with housing research firm Metrostudy, said that, “GL homes has five developments in the Lyons Road corridor stretching from Boca Raton to Boynton Beach that managed to thrive even during the worst of the real estate collapse.” He also said that, “There’s not a lot left for people to choose from in that sub-market…It’s a proven market with a huge amount of demand, so I think their success will continue in this location.”
The new Delray Marketplace will be opening soon with Publix, many shops and restaurants.
According to the Palm Beach Post, Bridges had sold 246 homes as of December 17th.