Former Minto executive buys 63 acres of master-planned Westlake development

Label & Co. will build 204 single-family homes on the western Palm Beach County land

Harry Posin, President of Label & Co. with Westlake Community

Harry Posin, President of Label & Co. with Westlake Community

Minto Communities sold 63 acres of its Westlake master-planned community to Label & Co., where the company plans to build 204 new homes.

The homebuilder sold the property at 16610 Town Center Parkway North in western Palm Beach County for $10.2 million or nearly $162,000 per acre, records show.

Label & Co., a boutique homebuilder, is a former executive of Minto Communities and former board member of its parent company, Minto Developments, according to its website.

Label & Co.’s new homes will be known as Sky Cove of Westlake, which will offer three- and four-bedroom homes ranging from 1,400 square feet to 2,200 square feet. Prices will start in the low $300,000s.

Westlake will be one of the largest master-planned communities in South Florida spanning 3,800 acres. The property is approved for 4,500 homes and more than 2 million square feet of commercial development.

Last month, Minto sold a 270-acre parcel to Kolter Homes for $52 million to develop a 55-plus active adult neighborhood with approvals to build up to 800 homes.

The Westlake community will also include a large amenities center known as the Westlake Adventure Park. The park is slated to open this summer and has a concert pavilion, recreational lawn areas, an adventure playground and bocce ball courts. There will also be a resort-style lagoon pool with a waterslide, splash pad and concession stand.

Earlier this month, the first new commercial development and healthcare facility in the city, ER at Westlake, opened to patients.

Minto bought the land for Westlake in September 2013 for $50 million.

Label & Co.’s other communities include the 125-unit Chapel Grove townhouse development, as well as Centra Falls and West Centra Falls, all three of which are in Pembroke Pines.

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Minto opens Westlake project to the public

Minto Communities held a ribbon-cutting ceremony at Westlake’s grand opening.
The grand opening on Saturday for Westlake in Palm Beach County attracted hundreds of people, including some who bought homes at the 3,800-acre development. Minto Communities, the developer, opened the development’s sales center to the public along with six model homes at The Hammocks, the first neighborhood at Westlake.
Mike Belmont, president of Minto Communities USA, told the Palm Beach Post that the company sold about 20 homes Saturday. Prices start at $276,990 for homes with the Sage-model floor plan. In addition to thousands of homes, the master-planned Westlake development eventually will have 2.2 million square feet of non-residential properties, including restaurants, retail stores and schools. [Palm Beach Post] – Mike Seemuth

Source: The Real Deal Miami

Florida Appeals Court rejects objections to Westlake in PBC

Rendering of Westlake
Florida’s 1st District Court of Appeals has jettisoned objections to the 3,800-acre Westlake development that Minto Communities Florida plans for the area north and west of West Palm Beach.
The unanimous ruling came without explanation March 16 and affirmed the Florida Department of Economic Opportunity’s own affirmation of a decision by an administrative law judge approving the project.
Two area residents had filed the suit, alleging that the plan for 4,500 homes, 500,000 square feet of retail space, 1.5 million square feet of employment-center space and 200,000 square feet of civic space would illegally create urban sprawl.
“The preponderance of the evidence shows the proposed amendments [to the county’s Comprehensive Plan] discourage the proliferation of urban sprawl,” the administrative law judge wrote in an opinion delivered April 17, 2015. And now that opinion has been upheld.
“The regulatory and court challenges to the Comprehensive Plan Amendment are over,” John Carter, vice president of Minto Communities, said in a statement.
“The appeals court decision makes it clear that the land use approval by the Board of County Commissioners [in 2014] met the stringent criteria to amend the county’s Comprehensive Plan, and we look forward to breaking ground on this visionary project.”
A Minto spokesperson told The Real Deal that the company expects to break ground on the project within 90 days.
“The courts and a state agency have affirmed three times that the approval process was proper and consistent with law as well as sound planning principals,” Carter said. “Unfortunately, a lot of time and taxpayer money was wasted hearing unfounded objections. It’s time to move forward.”
Minto sees the Westlake project in grand terms. “This will be the new downtown of central Palm Beach County,” Carter told TRD last month.
Minto bought the land in September 2013 for $51 million. The civic space in the project is slated to include a fire station, a sheriff’s station and a school. Minto can also add a 3,000-student college and a 150-room hotel on the property.
Plans were revised for the project, formerly to be called Minto West, in mid-2014. About 2,000 homes and a spring training baseball stadium were cut from the original proposal and commercial uses were added the master plan.
The developer began marketing the retail and commercial space this year and already has received a strong level of interest, Carter said. He declined to specify names. The retail space is enough for two to three power centers, Carter said.  “We aren’t looking to build a major mall.” The area is so light on retail space now that “within a 15-minute drive, there’s $600 million a year of retail leakage to the east,” Carter said. “This is an unheard of opportunity. The metrics are just incredible.”
The employment-center space can include traditional office space, light/clean manufacturing and medical office space, he said. “At this point, the entire population of [this area of] central Palm Beach County goes elsewhere to work,” Carter said. “There’s a built-in, high-skilled labor force just waiting for opportunities to have workplaces nearby.”

Source: The Real Deal Miami