Sales  ·  Land

GL Homes Buys $60M Farmland to Expand Valencia Grand Community

Homebuilder will add 427 homes to the 55-plus community in Boynton Beach

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GL Homes has doubled the site for its planned Valencia Grand community at the outer edges of Palm Beach County.

The Sunrise-based developer paid $60 million for a 290-acre parcel at 1105011400 S. State Road 7 in Boynton Beach, Fla., adjacent to U.S. Highway 441, property records show. 

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The purchase is the final closing of a two-part contract, which totals $120 million. Last year, GL Homes paid $60 million for another 290-acre parcel, adjacent to the recent purchase, where it’s building Valencia Grand, a 55-plus community, primarily made of luxury single-family homes. 

The first phase, which began construction last year, will include 277 houses, with home prices ranging from $940,000 to upwards of $1.3 million.

Now the homebuilder is seeking approvals to construct an additional 427 homes, according to the South Florida Business Journal. The land is within an agricultural reserve, which mandates that builders preserve green space and farmland for every acre developed.

The sellers, the Whitworth family, are set to receive $40,000 for each home sold, according to an agreement filed in Palm Beach County. A representative for GL did not respond to a request for comment. Members of the Whitworth family could not be reached for comment. 

Julia Echikson can be reached at jechikson@commercialobserver.com