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.
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