Florida homebuilding giant Lennar is the buyer of the Boynton Beach Mall, with plans for residential redevelopment, the Palm Beach Post reported.
The seller, Washington Prime Group, said last year it would wind down business and sell its remaining properties. The mall is expected to close Jan. 15.
Lennar, the nation’s second-largest homebuilder, plans to build housing, including townhomes and some commercial space, the outlet said, citing Leo Abdella, Christ Fellowship Church’s director of real estate operations. The church owns a building at the mall that is not part of the transaction with WPG.
The 91-acre mall site at 801 North Congress Avenue comes with suburban mixed-use zoning and approval for 1,700 new housing units. It’s among several South Florida malls where declining foot traffic has inspired mixed-use redevelopment.
Tenants in the mall, which opened in 1985, were told their leases would end. JCPenney, Cinemark and the church own their buildings, and Lennar is expected to develop around those properties.
Lennar, led by CEO Stuart Miller, has built more than 200 communities across the state.
Shareholders recently sued Lennar’s landbank, Millrose Properties, alleging they were misled. The lawsuit alleges Millrose spent $200 million buying homes from Lennar and renting them out at a loss.
The homebuilder is planning 185 single-family homes on 40 acres of agricultural land in South Miami-Dade County. It recently picked up homesites in Wellington’s embattled Lotis development and Loxahatchee’s Arden community.
Palm Beach County’s Mall at Wellington Green is also expected to be redeveloped in coming years. The previous owner, an entity of Starwood Capital, faced a foreclosure lawsuit that placed it into a receivership in 2021. Bainbridge Companies is under contract to buy the 97-acre property, with plans to raise a 620-unit apartment project with three seven-story buildings on the former Nordstrom site.
—Alissa Gary
Read more
Washington Prime Group selling Boynton Beach mall as it winds down business
Mixed-use mania: Mapping mall redevelopments planned in South Florida
Lennar keeps south Miami-Dade dev pipeline strong with plans for 185 single-family homes
