The Fountains Country Club was developed in the 1970’s on 865 acres with 19 separate residential communities and 1,763 homes. This includes single-family homes, villas, townhouses and condominiums. The property is bordered by Lake Worth Road on the north and Lantana Road on the south.
With the population aging, and interest in golf declining, The Fountains’ Board is voting on selling one of its three golf courses to GL Homes, 40-44 acres on the north golf course, next to the west golf course GL Homes would build 150-200 single family homes ranging from $400-$600,000. Nearby they would build 250-300 apartments on about 18 acres. This will be the first apartment community GL Homes will build, and it is in the center of Palm Beach County. Closing this course would save The Fountains about $250,000 per year.
Appearing to be a national trend, it is particularly happening in Florida, which has a plethora of golf courses, right now. The club would use the funds to pay off a loan and build a resort-style pool and add other amenities. Recently seven Fountains communities opted out of mandatory membership and this was approved by the courts. Average price right now of all properties for sale is just under $150,000, and average price of properties sold was just over $80,000.
For GL Homes properties to come, buyers of the new single-family homes are required to become “sports members” of the Fountains club and pay about $200 a month in dues. But they do not have to join the golf club as equity members. Apartment owners are not required to buy a membership but they can if they wish to, or cannot use the amenities.
this deal with GL Homes by June 20. If members give the OK, after about a year to get county approvals on the land, and then another year to build, new homes could be ready by 2018.
With less and less land available to build communities, golf courses are being considered.
No comments:
Post a Comment