Minto sold part of its Westlake master-planned community in western Palm Beach County to Wellington Regional Medical Center for $12.3 million, where the hospital company plans to build a new campus.
The homebuilder sold the 35-acre property at 4001 Seminole Pratt Whitney in Westlake for $351,428 per acre, records show.
Wellington Regional owns a 5-acre parcel adjacent to the newly acquired property. The hospital built an emergency medical facility there that opened in April.
“Due to the early success of the ER at Westlake, we decided to exercise our option and move forward with purchasing the additional land,” said Pam Tahan, CEO of Wellington Regional Medical Center, in a statement.
Wellington Regional said it is too early to announce its plans for the recently acquired property, but city zoning rules allow for medical-related uses such as a pharmacy, diagnostic testing, urgent care facility and an acute care hospital.
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. It sits on the western edge of Palm Beach County, which has historically consisted of agricultural land. Due to South Florida’s population growth, homebuilders have moved farther away from the urban core to build new homes as land becomes more scarce.
Recently, Westlake has sold off parts of its master-planned community to other developers.
In June, a company tied to a former Minto Communities executive bought 63 acres of the Westlake community for $10.2 million, where the new company will build 204 new homes.
In May, 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.
Ottawa, Ontario-based Minto bought the land for Westlake in September 2013 for $50 million.