Erickson Senior Living Buys Boynton Beach Farmland for $54M
By Julia Echikson May 28, 2024 3:38 pm
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Erickson Senior Living paid $53.5 million for farmland in Boynton Beach, Fla., where it plans to build a housing development, property records show.
The site spans 94 acres and sits just west of the Florida Turnpike and less than two miles from U.S. Highway 441 at 8344 Boynton Beach Boulevard. The site is about 18 miles northwest of Downtown Boca Raton.
The Baltimore-based buyer has had the land under contract since 2022, when it filed a proposal to build a 1,262-unit senior living or nursing home across six buildings either three or four stories tall, in addition to 1,097 parking spots. Amenities would include a pool, a fitness center, an on-site medical center, classrooms and art studios.
Back in 2022, the sellers, trusts tied to William Mazzoni and Howard W. Smith, purchased the site for $2.6 million, according to property records. Representatives for the trusts and Erickson Senior Living could not be reached.
The sale in Boynton Beach’s outer edges is the latest agricultural purchase in Palm Beach County.
In fact, just west of Erickson’s new property, Arizona-based BB Living bought a 40-acre site for $24 million. It’s approved for 314 residential units. Earlier this month, U.S. Sugar Corporation bought 1,811.3 acres of farmland by the western end of the county for $27 million.
The latest purchase also comes as Erickson Senior Living undergoes a national, $3 billion expansion, which began in 2021, McKnight’s Long-Term Care News reported. In Florida, the company currently operates three properties, including a 26-acre complex in Palm Beach Gardens with 392 apartments.
Julia Echikson can be reached at jechikson@commercialobserver.com.
