- Lennar plans to buy the 91-acre Boynton Beach Mall in Palm Beach County and expects to close next year, CoStar reported.
- The homebuilder envisions townhomes with retail, commercial, open space and civic uses, and calls the effort a response to a “severe housing shortage.”
- Scarce land and a tight housing supply are pushing builders toward malls, golf courses and other redevelopment sites near existing roads and jobs.
Lennar plans to buy the Boynton Beach Mall in Palm Beach County and turn it into a mixed-use community led by townhomes, CoStar reported.
The 91-acre site fronts Congress Avenue. Lennar expects to close next year, and the city says talks are still preliminary.
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The Plan
The Miami-based builder says planning is early. Its vision pairs single-family attached homes with shops, commercial space, parks and civic uses in a walkable setting. Lennar calls it a response to a “severe housing shortage.”
Washington Prime Group owns the mall, which opened in 1985, the third mall built in the county. Its appeal has faded as online shopping grew.
Why This Site
Ken Johnson, a real estate professor at the University of Mississippi, told CoStar that vacant homes and apartments listed for rent or sale in Palm Beach County total under 38,000, below half a percent of all housing units, per Census data.
New development has pushed 15 to 20 miles west of I-95. This site is about two miles from the interstate and roughly five from the Turnpike, which Johnson said shortens commutes.
A Growing Trend
CoStar noted that Lennar joins owners adding housing and hotels to malls. Simon put roughly $400 million into Southdale Center in Edina, Minnesota, adding luxury apartments, a hotel and restaurants, and brought a Nobu hotel and residences to Phipps Plaza in Atlanta. CBL started its own program years ago.
Boynton Beach has about 83,000 residents. Townhouses there sell for a median $350,000, while the overall median sale price is $415,000, unchanged year over year, per Homes.com data cited by CoStar.
Why It Matters
The townhome focus fits where builders are leaning. Our look at August’s housing starts found multifamily starts plunging nearly 22% while single-family starts rose 7.6%.
Apartment developers are already active in Boynton Beach. In April, Time Equities landed a $160 million construction loan from M&T Bank for a 465-unit project there.
What’s Next
City officials say redevelopment talks are early. Spokesperson Gabrielle Favitta said the city will provide updates as discussions progress through official channels, so watch for a formal plan and stakeholder feedback before the expected closing next year.
