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Single-family home project planned in Palm Beach Gardens at Bonnette Hunt Club

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After purchasing 7 acres of land in Palm Beach Gardens, a developer has revealed plans to build 28 single-family homes.

The homebuilder, Parkwood Distinctive Homes, bought the land at 5307 and 5309 Hood Road earlier this month for $2.55 million. The sale breaks down to about $8 per square foot.

Illustrated Properties Real Estate’s Lynn B. Telling arranged the sale.

The homes will span about 2,400 square feet, and prices for the homes will range from $500,000 to $800,000, according to a release. Construction is expected to be completed by summer 2018.

The project will encompass the site of the Bonnette Hunt Club, a former Palm Beach County attraction that was sold by the Navy warrant officer William Bonnette’s daughter Alix Dummett and Major C. Fussell. The slice of old Florida once counted among its regulars Burt Reynolds, Bing Crosby, Jack Nicklaus, King Hussein, Claude Kirk Jr. and Lawton Chiles.

Last year’s merger between the Keyes Company and Illustrated Properties created one of the largest independently run residential brokerage firms in South Florida. The two firms were already large before the merger.

In May, Keyes Company president Mike Pappas said at a new development showcase that the single-family home market under $500,000 is in demand, citing robust interest for such homes and a sharp decline in foreclosed and distressed properties.

Last month, Prominent homebuilder Pulte Homes bought 44 acres in Tamarac for $10.2 million. The Atlanta-based company is building 152 single-family homes that range from 2,400 square feet to 3,320 square feet and will be priced starting in the $400,000s. – Amanda Rabines

From The Real Deal Miami via http://ift.tt/2tqSbtw