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.
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