WEST PALM BEACH, FL—A 40-acre fully entitled parcel of land earmarked for multifamily and single-family development here has been sold for nearly $6 million.
Colliers International South Florida, which represented the sellers in the transaction, reports that the property located at the southeast corner of Southern Boulevard and Jog Road in West Palm Beach sold for $5.8 million to Pierce 131, LLC. The buyer was identified by Colliers as a development company based in Michigan.
Colliers Senior Vice President Honey Bryan represented Timothy and Patricia Blash, who partnered with the Cheney Family Trust as the sellers in the transaction. Bryan was also involved in the original assemblage and entitlement process for four of the six parcels involved in this transaction on behalf of the Cheney Family Trust.
The Planned Unit Development known as the Cheney Ranch is made up of two tracts, one that will be developed into 172 multifamily units and the other will be developed as single-family homes.
"This assemblage and sale of land points to a trend in Central to Northern Palm Beach County for the demand of new residential communities," says Bryan. "Most of the large scale residential developers are back in business looking for land to build on, and availability of tracts of land for this size of development are few and far between—especially entitled land."
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