73 acres of Lantana land sold for development of 360 apartments

The Related Group has purchased a 73-acre site in Lantana to be the site of 360 new rental apartments.

The land was sold Friday for $14.76 million by Lantana Development, a partnership that includes Boca Raton-based homebuilder Ken Endelson. Boca Ratonbased real estate agent Jay Bailyn represented both parties in the transaction.

In 2015, the town approved a project with more than 300,000 square feet of shops, offices and restaurants and up to 1,100 residential units.

The project, originally proposed to be called Water Tower Commons, was expected to help revitalize a stretch of Lantana Road, east of Interstate 95, and boost property values in a mostly working-class suburb that once served as the home to the National Enquirer tabloid newspaper.

But construction never happened and the site, a former tuberculosis hospital at 1199 W. Lantana Road, remained fenced off to the public.

The new owner, The Related Group, on Tuesday said construction has started and will be complete by 2020 on multiple, threestory, garden-style apartment towers.

“We’re committed to this new market for the long term and look forward to continuing to raise the bar for rental living in Palm Beach and beyond,” said Ron Melendez, project manager and senior vice president for The Related Group.