Pulte Homes purchases Gulfstream Polo Club
Companies tied to Pulte Homes have paid about $49million for Gulfstream Polo Club and several surrounding horse farms in Wellington, the Atlantic Western Realty Corp. brokerage said.
The160-acre tract is near Lake Worth Road and Florida’s Turnpike.
Brad Scherer, president of Atlantic Western, said Pulte has approval to build more than 700 homes on the site. The builder also has a contract to buy an additional 70 adjacent acres on which itwould build 200 more homes, Scherer said.
Atlantic Western represented shareholders of the polo club and private farm owners in the sale. Gulfstream has been a polo venue for decades.
“As much as it pains us polo aficionados, the highest and best use [for the land] is residential development,” Scherer said. “There are very, very few, if any, undeveloped turnpike interchanges in Palm Beach County. It was a very strong purchase for the developer, and it translated into excellent value for our clients.”
Sarah Garlick, a spokeswoman for Atlanta-based Pulte, said in an email that the community will be a mix of homes and townhomes built under the company’s DiVosta brand.
Otto “Buz” DiVosta built thousands of homes in Palm Beach County during the 1970s, ’80s and ’90s andwas known for solid construction and fast delivery. Pulte acquired the company in1998.
The Wellington development will have an amenity center, Garland said, adding that floor plans and pricing will be released later this year. A grand opening is planned for early 2017.
Lennar Corp. and Standard Pacific Homes also have bought land in the area in recent years.