2 developers still in hunt to buy city’s golf course

Third bidder for land pulls out; Lennar, GL offer home proposals.

Boca Raton leaders set the stage this week for a $73 million deal to part with the city’s municipal golf course — but only two developers remain in the running to buy it.

The city was considering three comparable bids for the 194-acre prime piece of real estate off Glades Road just west of Florida’s Turnpike.

Miami-based Lennar Corp., Sunrise-based GL Homes and Boca Raton-based Compson Boca Argent all bid on the land, each with varying plans to build homes there. The developers were asked to submit a $100,000 deposit by Wednesday.

Compson Boca Argent — which wanted to build 447 single-family homes, 170 senior living units and a Jewish school at the site — pulled out of the deal Wednesday, said Chrissy Gibson, city spokeswoman. That leaves Lennar and GL Homes, which both have submitted $73 million bids with nearly identical conditions.

The often-aggressive battle for Boca Raton’s golf course has been ongoing for nearly a year.

The city says it aims to select a buyer by Oct. 24, and approve the sale by Nov. 14.

The major difference between the two developers comes down to how they’ll use the land.

Lennar has proposed 390 single-family homes, 95 villas and a 200-bed congregate living facility.

GL Homes, which has built homes throughout central and southern Palm Beach County, plans to build 582 residential units.

The public golf course still is operating, but loses money each year, city officials say.

The failing municipal golf course is appealing to developers, real estate experts say, because land in southern Palm Beach County is scarce, driving up the price tag for homes west of Boca Raton. The developers can make much more than twice what they would spend on the land.

While the golf course is owned by Boca Raton, it sits outside city limits, meaning the Palm Beach County Commission is responsible for approving or denying development there.

The Boca Raton council hasn’t commented on what would be built on the western golf course, likely because they won’t be involved in that decision.

The city is considering parting with the municipal golf course because a Boca Raton district is planning to buy another public course, as the City Council has promised residents to keep golf in Boca Raton.

The Greater Boca Raton Beach and Park District, a taxing body independent of the city, is in the midst of acquiring Ocean Breeze Golf Club, a 27-hole course near the Boca Teeca condominiums in the city’s north end.

It will be renamed Boca National Golf Club, and become a “public golf course with a private club atmosphere,” said Arthur Koski, the district’s attorney.

Ocean Breeze is owned by a Wells Fargo subsidiary under contract with Lennar Corp., although the land deal is separate from the municipal golf course sale, officials say.

Both GL Homes and Lennar have until Oct. 11 to submit contracts to the city. They can increase their offers, but cannot change any other conditions.

The 194-acre golf course is considered prime real estate.