Arroyo Capital, a land banking firm based in Irvine, California, led by Dan McCann, Leigh Austin, and Jeff Brouelette, purchased 37 acres in Boca Raton for $40 million. This parcel is where Toll Brothers, a Fort Washington, Pennsylvania-based homebuilder, is planning to construct 70 single-family homes.
Arroyo’s affiliate acquired two adjacent properties located at 9905 Clint Moore Road. They have an option agreement in place to sell the development site to Toll Brothers, who submitted plans to the city of Boca Raton for the 70-home project.
One of the properties currently houses a packing plant spanning 32,000 square feet and a 3,000-square-foot cold storage facility, both completed in 1981. Records indicate that Westside Farms, the seller, acquired these properties for $200,000 in 1982.
Toll Brothers, established in 1967, is a publicly traded real estate development company led by CEO Douglas Yearley Jr. The firm is involved in the development of various types of housing, including apartment communities, single-family homes, student housing, and 55-and-up communities.
Toll Brothers, in partnership with CanAm Capital, recently completed Lapis, a 293-unit student housing apartment complex near the south campus of Florida International University in southwest Miami-Dade County. This project, financed with a $103 million construction loan, represents Toll Brothers’ first foray into multifamily housing in South Florida. However, the company has a history of developing single-family home communities in the tri-county region.
In June, Toll Brothers secured a competitive bid to build 52 homes on a portion of a city-owned golf property in Parkland. The developer outbid 10 other competitors for the project on 52 acres of the now-closed Heron Bay Golf Course.
Following a 4-1 vote by the Parkland City Commission, staff was directed to negotiate a purchase agreement with Toll Brothers, who offered $18.5 million for the development site. The proposed homes will range from 3,500 to 5,000 square feet and are expected to be sold in the range of $1.5 million to $2 million.
