Westlake’s 120-Acre Development Site Acquired by GL Homes
Sunrise-based homebuilder, GL Homes, has recently completed the purchase of 119.9 acres of land in the newly formed City of Westlake for a total of $29.4 million. The land, located on the south side of Persimmon Boulevard East, was sold by Silver Lake Enterprises and Silver Lake Palm Beach. GL Homes had reportedly been in contract negotiations for nearly two years before finalizing the deal.
The land had been acquired between 2002 and 2003 for a combined price of $4.44 million, making this recent transaction a significant increase in value. The purchase comes after Palm Beach County approved the development and incorporation of Westlake, leading to a surge in interest from builders and developers.
The City of Westlake spans a total of 3,800 acres and has been approved for the construction of 4,500 homes and 2 million square feet of commercial space. Most of the land in Westlake had been controlled by Minto Communities, but this particular property was held by a third party.
This acquisition by GL Homes further solidifies the company’s presence in the Westlake area and positions them for future development opportunities. This indicates strong potential for growth and profitability in the Westlake market.
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