By Paul Owers, Sun Sentinel
GL Homes, the busiest builder in Palm Beach County last year, is set to launch an upscale development near Delray Beach.
The 742-home Seven Bridges project is just west of The Bridges, a nearly finished GL community on Lyons Road between Clint Moore Road and Atlantic Avenue. Sales are expected to begin in early March.
GL has not yet announced prices, but the Sunrise-based builder said the homes will be roughly comparable to those at The Bridges, where prices range from $600,000 to $1.6 million.
In two years, GL has sold nearly 500 of the 591 homes at The Bridges, and more than 1,300 potential buyers have shown interest in the new community, said Marcie DePlaza, division president of GL.
"There's a lot of pent-up demand for luxury in the Boca-Delray area," she said. "The numbers speak for themselves."
Seven Bridges will have a 27,000-square-foot clubhouse and other amenities, including a party pavilion, indoor sports court, café, fitness center and massage rooms.
Privately held GL bought the 412 acres six years ago — at the height of the housing downturn — and waited for the market to improve before developing it.
"Whoever their investors are, they put the money up and will wait for a return," said David Cobb, regional director for the Metrostudy research firm. "You typically don't see that with public homebuilders. They're expected to get right with it and monetize the asset."
In 2013, GL ranked first by a wide margin with 605 single-family housing starts in Palm Beach County, according to Metrostudy. DiVosta Homes, a division of Pulte Corp., was second with 214 starts. Coconut Creek-based Minto Communities was third at 180.