Real estate developers Toll Brothers have inked a deal to purchase 11 acres of Delray Beach land, the former site of Christ the King Monastery, for a cool $8.5 million. This transaction ushers in a new chapter for the Sherwood Park neighborhood property, previously eyed for a nursing home project by TL Management. The sale was confirmed by WPTV, with Monopoly Real Estate Group's Simon Lipton representing the buyer.
After acquiring the site in 2022, TL Management aimed to transform it into a nursing home but faced considerable pushback from local residents. Their rezoning attempt from single-family residential to medium-density residential struck out, prompting them to eventually cut their losses and sell. Toll Brothers now plans to carefully develop the property, trying to not only meet but to exceed community expectations with about 34 high-end luxury homes, as shared in an interview with Lipton by WPTV. "I think it will be great," he said, forecasting an increase in neighborhood property values as a result.
The serene corner of Sherwood Boulevard and Sutton Place is set for a makeover since the cloistered nuns of St. Clare vacated the premises in 1967. With the city's site plan review still pending, development is likely about a year out. But eager buyers may soon witness the area's transformation into a luxury residential enclave, as detailed by the WPTV report.
The acquisition signals a strategic move by Pennsylvania-based Toll Brothers to expand its luxury residential footprint in Palm Beach County. The plans, as told by real estate mogul Lipton to WPTV, aim to seamlessly integrate into the existing single-family vibe of the neighborhood, despite adding a slight density bump. Lipton's optimism, drawing from an understanding of the market and neighborhood sentiment, suggests the new development might just hit the sweet spot between upscale living and community harmony.
As Delray Beach anticipates this next phase of real estate development, the legacy of Christ the King Monastery will pave way for modern homesteads. With additional information sourced from South Florida Business Journal, industry watchers and locals alike will be closely monitoring how Toll Brothers' foray into this beachside community plays out in the coming months.
