Builders plan almost 1,500 homes
Four developers focus on area near Turnpike
Awest-central section of Palm Beach County is on the verge of a homebuilding boom.
Four national builders are planning nearly 1,500 homeswest of Lake Worth, on and near Lyons Road and next to Florida’s Turnpike.
In recent years, hundreds of homes have sprouted farther south along Lyons, west of Boynton Beach, Delray Beach and Boca Raton. As those upscale areas get built out, and with the supply of lots in Broward County rapidly diminishing, builders are looking elsewhere in Palm Beach County, said David Cobb, regional director of the Metrostudy research firm.
“They’re just moving up Lyons Road to the north,” Cobb said. “It’s now time for this Lake Worth area to go.”
Meritage Homes Corp., of Scottsdale, Ariz., is building its first Palm Beach County development in the corridor. The 74-home Cypress Royale is on Lyons, north of Lake Worth Road.
Lara Swanson, division vice president of Meritage, said the builder plans to begin writing contracts on Sept. 19. Prices range from $499,990 to $668,990. Most of the homes will be ready in 2017, Swanson said.
“This is highly desirable due to its location near the turnpike, and it’s in the [top-rated] Wellington school district,” she said.
Just south of Cypress Royale is Gulfstream Preserve, on Lyons between Lantana and Lake Worth roads.
Miami-based Lennar Corp. is building 248 homes priced from$380,990 to $494,990. Jason Engelman, division manager for Lennar, said work has started on 36 of the homes.
Engelman said the project gives buyers the chance to get new, single-family homes for under $400,000. Some people are spending well more than that on resales, “and the home is 20 years old,” Engelman
“This is highly desirable due to its location near the turnpike.”
Lara Swanson, division vice president of Meritage
said. “This is a very attractive alternative.”
Also on Lyons, Cal Atlantic Homes, based in Irvine, Calif., is building Andalucia. It will have 256 homes and townhomes, with sales expected to start in early 2017, according to spokeswoman Danielle Tocco. Prices have not yet been announced.
The largest project in the
area is The Fields on Lake Worth Road, a half-mile west of the turnpike. DiVosta Homes, a division of Pulte Group, is building the development featuring 916 single-family homes and townhomes.
The townhomes will be priced from the low- to mid-$300,000s, and the single-family homes will start in the high $400,000s, said Sarah Garlick, a spokeswoman for Atlantabased Pulte. Sales are expected to begin later this year or in early 2017, she said.
South Florida housing analyst Lewis Goodkin said the projects should have no trouble attracting interest. With the supply of land scarce, the builders face limited competition in the years ahead, Goodkin said.
“I certainly would be very bullish,” he said. “These builders are in a favorable position in an area that isn’t well-served with new product.”