Land approved for residences sold for $19.5M

Land that is approved for hundreds of luxury apartments and dozens of townhouses sold this month in Boynton Beach for more than $19.5 million, according to county records.

ARA Newmark, an investment advisory firm, negotiated the 18.5-acre sale for construction of Cortina of Boynton Village, which is the third phase of the Boynton Village and Town Center development. The new owners are Texas-based Morgan Group and Bostonbased Rockpoint Group.

In May, the City Commission signed off on Cortina, which will have seven, four-story apartment buildings with 378 units. There will also be 55, twostory townhouses throughout 11 buildings along Old Boynton Beach Boulevard, near Congress Avenue.

The developer, JKM, will kick in $500,000 to enlarge the city’s dog park, at 800 Renaissance Commons Blvd.

ARA’s Vice Chairman, Avery Klann, said in a statement that there was a “continued economic growth of Palm Beach County and demand for luxury apartments.”

Klann said this purchase was the third and final piece needed for the project. Palm Beach County property records show the land closed Aug. 7 for $19,524,012. Two other pieces under the Cortina name were recorded in May for $970,000 and $1.2 million, according to records.

Also within the Boynton Village and Town Center will be The District Boynton, which is a 350-unit apartment project under construction, and Alta at Cortina, 324 apartments, which has not yet broken ground.

When construction is over, there will be more than 1,100 new units built over three phases throughout the Boynton Village and Town Center.