Sales  ·  Land

GL Homes Buys Another Plot in Palm Beach County’s Avenir Master Development

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GL Homes is expanding its fiefdom within the massive master-planned Avenir development in Palm Beach County, Fla. 

The Sunrise-based developer paid $23.5 million for a development site near the western border of the county, property records show. While the exact square footage of the parcel remains unclear, it can hold up to 225 single-family homes, according to public filings. 

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As part of the land deal, GL Homes will pay $18,861 to the seller and master developer, Coral Gables-based Landstar Development Group, every time a home is sold.

The purchase comes two years after GL Homes bought another Avenir parcel that can accommodate 337 homes for $35.3 million, where it built the Apex at Avenir development. As of this month, GL Homes has sold over 180 of those homes, which include one- and two-story properties, ranging from 1,905 to 5,260 square feet. Prices start at $800,000.

In all, the 4,763-acre Avenir is set to house 2,690 single-family homes, 960 senior homes, over 2 million square feet of commercial space, 300 hotel rooms and a 15-acre school site. Other builders involved include Toll Brothers, Kenco Communities and Kolter Group, which has paid at least $91 million for developable land.

Representatives for Landstar Development and GL Homes did not immediately respond to requests for comment.

Julia Echikson can be reached at jechikson@commercialobserver.com